The parliamentary Treasury Select Committee has announced today its new chairman will be Labour MP John McFall who represents the Scottish consitutency of Dumbarton, near Glasgow.
Labour MP Jim Cousins was passed over for the chairmanship, despite the fact he is the most senior Government member on the committee of backbenchers.
McFall, who previously served as a junior minister in the Northern Ireland Office, Department for Education, Training and Employment and Department of Health, replaces Labour MP Giles Radice who stood down at the last election. Radice had been chairman from 1997 until June's election.
The Treasury Select Committee scrutinises the Government's economic policy. It has hearings with the Chancellor Gordon Brown, economic secretary Ruth Kelly and FSA chairman Sir Howard Davies each year.