Barack Obama, who campaigned on promising the American people the most ethical, open and transparent Administration ever, if elected, is going to be looking for a new Secretary of Commerce, now that his first choice, Bill Richardson has withdrew his name for the position due to an ongoing investigation:

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 Bill Richardson, tapped in December by President-elect Barack Obama to serve as secretary of Commerce, has withdrawn his name for the position, citing a pending investigation into a company that has done business with his state.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

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