Bill Richardson has withdrawn as the prospective Department of Commerce cabinet secretary.  

A federal grand jury is investigating how a California company that contributed to Richardson’s political activities won a lucrative New Mexico state contract.

"Let me say unequivocally that I and my Administration have acted properly in all matters and that this investigation will bear out that fact," he said Sunday in a report by NBC News’ Andrea Mitchell. "But I have concluded that the ongoing investigation also would have forced an untenable delay in the confirmation process."