Former education secretary Nicky Morgan has beaten Jacob Rees-Mogg in the race to lead the Treasury select committee.
Her victory over Rees-Mogg, who has advocated a complete break with the EU including the single market and the customs union, has been depicted as a victory for those in parliament who want a softer approach to leaving the EU.
As chair of the Treasury committee Morgan will lead the questioning of officials about economic policy, including trade deals for financial services. She will also question Financial Conduct Authority executives about regulation.
Morgan, who previously held two ministerial roles in the Treasury, is the first woman to chair the committee. She succeeds Andrew Tyrie, who stepped down as an MP before the general election in June.
The remaining members of the Treasury committee will be appointed by the House of Commons.