New Mexican Independent:

Gov. Bill Richardson is withdrawing his name for consideration as U.S. Commerce Secretary, citing a federal investigation into a California company being investigated by the FBI, NBC News is reporting.

A call by the Independent to the governor’s spokesman was not immediately returned.

The NBC story said that Richardson “has withdrawn his name for the position, citing a pending investigation into a company that has done business with his state.”

Richardson naturally denies any wrongdoing in giving state contracts to campaign donors, but the damage has been done. Steve Clemons looks at what President-elect Obama's next move might be:

So, that's the second person who didn't make it through the process. Penny Pritzker was the first in line, but she also removed her name.

I think that the Obama team needs someone who understands the economy and the vital need to reinvest in high wage job growth creation, who understands the importance of redesigning America's domestic social contract between labor, firms, capital and government, and who is familiar with business -- and liked by labor.

There are very few who fit that bill, and Leo Hindery -- who was senior economic advisor to the John Edwards campaign and then was an economic advisor to the Obama campaign as well and authored the interesting book It Takes a CEO -- is a real stand out who the Obama team should consider for Commerce.