Henry Paulson, the Goldman Sachs Group Inc. chairman who is President George W. Bush?s choice to be his third Treasury secretary, brings Wall Street luster to the top economic spokesman?s role.

The Bush administration has long sought one of New York's investment titans for the top Treasury post but all indications had been that it was unable to lure a well-paid Wall Streeter. As far back as late 2004, reports circulated that the White House was sounding out possible Wall Street replacements for Snow.

As top executive for Goldman Sachs, Paulson raked in more than $38 million in overall compensation last year ? better than a government salary of under $200,000 by a very long shot.

Paulson appeared at a White House ceremony in company with Bush and current Treasury Secretary John Snow. Snow has held the Treasury secretary's job since early 2003, taking over from Paul O?Neill who was ousted in late 2002.

Tall and fit-looking, Paulson was praised by Bush as one of the country's leading business executives and Bush remarked that he ?shares my philosophy? that Americans should be able to spend and invest as they choose.

In brief remarks, Paulson said the US economy was strong. ?But we cannot take it for granted,? he added. ?We must take steps to maintain our competitive edge in the world.?

Paulson has held the title of chairman and chief executive officer of Goldman Sachs since May 1999 when the company went public. But he has been an employee of Goldman since 1974, rising steadily through its ranks to the top spot.

He has long had an ear tuned to Washington and is a member of the Financial Services Forum, a business lobby group set up by former Commerce Secretary Don Evans who spent the past weekend with Bush and undoubtedly played a role in advocating Paulson for the Treasury post.

Glenn SOMERVILLE