New Mexico Governor Bill Richardson has withdrawn his name from consideration as U.S. President-elect Barack Obama’s commerce secretary.

Richardson is under a federal investigation into how one of his political contributors won a billion-dollar state business project.

The governor withdrew the Cabinet nomination citing the pending investigation would cause a delay in the confirmation process.

Obama accepted his withdrawal with deep regrets and will name a replacement soon.

In last year’s U.S. presidential race, the governor dropped out of the Democratic Party’s presidential primaries and announced his support for Obama.

Richardson has visited North Korea on numerous occasions and is considered well-versed on Korean affairs.