The story

New Mexico Gov. Bill Richardson is withdrawing his nomination to be commerce secretary, citing the distraction of a federal investigation into ties to a company that has done business with his state.

Speaking to reporters Monday, he said that he underestimated how long the investigation would take, calling it an "untenable delay" likely to hinder his confirmation process.

Two Democratic officials told CNN the investigation involves a California company that won municipal bond business in New Mexico after contributing money to various Richardson causes. Read full article »

CNN's Ed Henry contributed to this report.

All About Barack ObamaBill Richardson (Politician)New Mexico

Don't Miss