Bill Richardson Withdraws as Commerce Secretary-Designate

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Bill Richardson Withdraws as Commerce Secretary-Designate
The commerce secretary-designate has withdrawn his nomination because of an investigation into whether Bill Richardson exchanged New Mexico state government contracts for campaign financing.
Bill Richardson is withdrawing his nomination to be commerce secretary, FOX News confirmed Sunday.

Richardson, who will remain governor of New Mexico, is facing a federal grand jury investigation into whether he exchanged government contracts for contributions to three Richardson political committees.

Richardson denies any wrongdoing but the investigation won't be finished before he has to go to a Senate confirmation hearing.

"Let me say unequivocally that I and my administration have acted properly in all matters and that this investigation will bear out that fact," Richardson said in a statement. "But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process."

Obama said he was accepting Richardson's request to withdraw with "deep regret."