Malpeque MP Wayne Easter was elected chair of the House of Commons standing committee on finance Thursday.

"I am honoured to serve as the finance committee chair," said Easter in a written statement.

"I look forward to hearing Canadians views on the best way to move Canada forward in troubling economic times and to hear their view on the government's economic agenda."

An election for chair was held Thursday during the first meeting of the finance committee under the new Liberal government.

The committee's mandate includes pre-budget consultations, reviewing spending initiatives by federal departments and hearing from department officials about spending and finance legislation.

Islander Steven MacKinnon, the MP for Gatineau, Que., is also on the committee.