Bill Richardson, plagued by the announcement of an investigation into him for pay-to-play, has withdrawn his name for nomination as Secretary of Commerce.

New Mexico Gov. Bill Richardson, tapped in December by President-elect Barack Obama to serve as secretary of Commerce, has withdrawn his name for the position, citing a pending investigation into a company that has done business with his state.

“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.”

He said he plans to continue in his role as governor. “I appreciate the confidence President-elect Obama has shown in me, and value our friendship and working partnership. I told him that I am eager to serve in the future in any way he deems useful. And like all Americans, I pray for his success and the success of our beloved country.”

The Obama vetting team hasn’t done a great job thus far, has it? Richardon’s being investigated for pay-to-play and Rahm Emanuel may be connected to the scandal in Illinois. Two possible major scandals for two top members of the incoming administration. And Obama doesn’t even get sworn in for 16 more days.

More: Michelle Malkin, Wizbang.