I didn’t see this one coming. Bill Richardson has withdrawn from consideration for the Commerce Department job in Barack Obama’s cabinet because of a pending FBI investigation. He denies any wrongdoing and will continue to serve as governor of New Mexico. (It’s bad luck for Diane Denish, who was set to become that state’s first woman governor in a few weeks.)

The Commerce Department is big and oversees a lot of important agencies, like the Census Bureau and the National Oceanic and Atmospheric Administration.

Whom will Obama pick for the Commerce job, and whom should he pick?

UPDATE: Jake Tapper says people on the Obama transition team feel Richardson “was not forthcoming with them about the federal investigation that is looking into whether the governor steered a state contract towards a major financial contributor.”

A CNN report suggests Richardson was forced to withdraw his name from consideration.

Reuters speculates about who might replace Richardson.