"The American people have a right to expect that their tax dollars are being used responsibly and judiciously," said Oversight Chairman Darrell Issa (R-Calif.) in a statement announcing the new subpanel chairmen.
"We owe it to them to seek out waste, fraud and abuse and hold those responsible for mismanagement accountable. This team is dedicated to working tirelessly on behalf of the American people to create a more efficient federal government that better serves taxpayers."
Lankford previously led the Oversight subcommittee on technology and information policy issues.
He also serves on the House Budget Committee and will continue holding that position, in contrast to Reps. Justin Amash (R-Mich.) and Tim Huelskamp (R-Kan.), two other House freshmen who were reassigned by leadership.
The 113th Congress begins Thursday.