U.S. Sen. Pat Toomey has been assigned to the Senate committee that oversees taxation, trade and certain health programs.

The Pennsylvania Republican said Thursday that the action makes him one of only two freshman senators on the Senate Finance Committee. He's giving up his seat on the Commerce Committee, but will remain on three other committees.

The finance panel deals with taxes, trade agreements and health program under the Social Security Act, including Medicare, Medicaid and the Children's Health Insurance Program.

Toomey, a former investment banker, said he looks forward to working on reforms to the federal tax code and making entitlement programs sustainable for the long term.