Nicky Morgan has been elected as the first ever female chair of the Treasury select committee.
She will be taking on the crucial parliamentary role after Andrew Tyrie announced he would not be standing in the June General Election.
The Remain campaigner beat five other colleagues to the role, including Jacob Rees Mogg, the prominent Brexiteer.
The other Conservatives vying for the position were Charlie Elphicke, John Penrose, Stephen Hammond and Richard Bacon.
The election was conducted under the alternative vote system, and Morgan beat Rees-Mogg in the fifth round by 290 votes to 226.
As chair, Morgan will be responsible for holding the Bank of England, the Treasury, and other financial institutions to account.
She will bring 16 years of City experience to the role, having previously worked as a lawyer on mergers and acquisitions. In government, she has served as both a Treasury minister and the education secretary.
Writing for City A.M., Morgan said she would seek to form a "wide consensus" on Brexit.
"Since June 2016 I believe I have shown I am a strong advocate for parliament being heavily involved in scrutinising the decisions being made about Brexit," she said.
Following in the footsteps of Tyrie will not be an easy task; he was instrumental in shaping the regulatory response to the financial crisis and became known for his uncompromising questioning style.
Delighted & honoured to be elected by my fellow MPs as Chair of the House of Commons Select Committee. Lots to do now.— Nicky Morgan MP (@NickyMorgan01) July 12, 2017
Labour's Rachel Reeves has been elected to lead the Business, Energy and Industrial Strategy committee, while Hilary Benn was become chair of the Brexit select committee, having stood unopposed for re-election.