Shoffner resigns job as Arkansas Treasurer

After intense political pressure from Democrats and Republicans, Arkansas State Treasurer Martha Shoffner (D) has resigned from office in the midst of facing federal charges of extortion and bribery.

Shoffner, who was arrested Saturday by the FBI, had indicated on Monday she did not plan to resign.

The complaint, filed Monday by the Federal Bureau of Investigation, said Shoffner showed favoritism to a particular bond broker and had accepted kickbacks for doing business with that broker, only identified in the criminal complaint as "CHS1," or a confidential human source.

Many in her party called for her immediate resignation, to include Gov. Mike Beebe and U.S. Sen. Mark Pryor. Today (MAy 21), more elected officials from both political parties renewed their insistence that she step down from her post immediately.

In a letter to Beebe dated May 21, 2013, Shoffner said: "It is with great sadness that I tender my resignation of the office of Treasurer of the State of Arkansas.

"I am proud to have been elected by and to have served the people of the State of Arkansas and regret that I can no longer perform the duties and responsibilities owed to the public.

"Please accept this resignation effective 5:00 p.m. today’s date, May 21, 2013."

Shoffner’s resignation now sets up a path for Beebe to name a replacement to fill out her term of office, which ends in January 2015.

The duties of State Treasurer include receiving and keeping monies collected by the state, managing and investing funds, and disbursing funds according to state law.