Rep. Dave Camp (R-Mich.) will take over as Ranking Member of the House Ways and Means committee, his office said Wednesday.

House Republicans elected Camp over Rep. Wally Herger (R-Calif.) Wednesday to head the powerful committee, which oversees legislation on taxes, entitlements, and other financial issues.

"We are facing historic challenges as a nation, especially with regard to taxes and health care," Camp said in a statement following his election. "The legislation coming through Ways and Means will have a huge impact on our ability to climb out of this recession, increase American competitiveness and guarantee access to quality, affordable health care for all Americans."

Camp and Herger had jockeyed for the position after their predecessor as ranking member, Rep. Jim McCrery (R-La.), retired.

The position has taken on greater focus in recent weeks as House Republicans have taken aim at Ways and Means Chairman Charlie Rangel (D-N.Y.), who is facing investigation into his ethics.