No specific issues were identified as being the cause for the removal, but the lawmaker will instead be taking a seat on the Science, Space and Technology Committee.
"Changes are made for a variety of reasons, most often at the request of committee chairs," said a GOP leadership aide.
Schweikert won a second term in Congress after defeating fellow freshman Rep. Ben Quayle (R-Ariz.) in a fierce primary battle over a newly drawn district.
Rep. Mick Mulvaney (R-S.C.) will take a seat on banking panel, and Rep.-Elect Ann Wagner (R-Mo.) tweeted Monday that she had also been tapped to join the committee. She said she was "honored to be an advocate for such an important industry" to her district.
Rep. Jeb Hensarling (R-Texas), the most recent head of the GOP Conference Committee, will take over as chairman of the panel in 2013. Rep. Maxine Waters (D-Calif.) is expected to serve as its top Democrat.