LOS ANGELES (AP) – Arnold Schwarzenegger has named Warren Buffett as his senior financial and economic adviser in his bid to replace Gray Davis, the Republican’s campaign announced Wednesday.

Buffett, chairman of Berkshire Hathaway, is a billionaire investor legendary for his financial prowess. He is also a Democrat.

“What he will be doing is assembling other prominent business leaders and economists and setting up a team to address the issues facing California,” said Schwarzenegger spokesman Sean Walsh.

Buffett said in a statement: “I have known Arnold for years and know he’ll be a great governor. It is critical to the rest of the nation that California’s economic crisis be solved, and I think Arnold will get that job done.”

Buffett has lent political assistance in the past to former Nebraska Sen. Bob Kerrey, who ran for president in 1992 but lost the Democratic nomination to Bill Clinton. He has also donated money to Sen. Hillary Clinton, former presidential candidate Bill Bradley, and Florida Sen. Bob Graham during his campaign for the 2004 Democratic presidential nomination, Federal Election Commission records show.

Records show he has also backed two Republicans: Rep. Chris Shays, R-Conn., and Rep. Tom Osborne, R-Neb., a former University of Nebraska football coach.

By buying at low prices into well-known, solid companies, Buffett built Omaha, Neb.-based Berkshire Hathaway into a huge conglomerate.

In his investments, he generally avoids high-tech companies.

, arguing he cannot tell which will be usurped by advances in technology.

Schwarzenegger is among scores of candidates vying to replace Davis if the governor loses an Oct. 7 special recall election.