WASHINGTON — U.S. Rep. Vern Buchanan, R-Longboat Key, was named chairman of the House of Representatives Ways and Means Tax Policy Subcommittee and will lead efforts to update and fine-tune the $1.5 trillion tax overhaul.

The six-term Florida congressman said his goals as chairman of the subcommittee will include making whatever adjustments and technical corrections are needed to the new tax bill as well as consideration of other measures to spur economic growth.

“I look forward to chairing this important committee that will ensure a smooth implementation of the largest overhaul of our tax code in more than three decades,” Buchanan said in a statement. “Whenever legislation as sweeping as the tax reform bill is passed, updates and adjustments will be needed to ensure it is implemented smoothly. I intend to make sure we focus on growing the economy and creating as many jobs as possible.”

The legislation was signed into law late last month. On Friday, U.S. Treasury Secretary Steven Mnuchin said he believed the Republican tax cuts will ultimately become revenue neutral over 10 years because of higher growth, but the Treasury will likely ask Congress for more money to implement the plan.

The chairmanship that Buchanan is assuming became available as part of an overall reshuffling of subcommittee chairs triggered by the retirement this week of Pat Tiberi, R-Ohio.

Buchanan, who most recently served as the Ways and Means Oversight Subcommittee chairman, also chaired the Human Resources Subcommittee in the last Congress. The congressman also sits on the Health Subcommittee and Social Security Subcommittee.

He has served on the Ways and Means Committee since January of 2011.

His 2015 appointment as subcommittee chairman marked the first time a Floridian led a Ways and Means subcommittee since U.S. Rep. Clay Shaw, R-Fla., chaired the Trade Subcommittee for the 109th Congress in 2005-2006.

Ways and Means is widely considered the most powerful committee in Congress because of its broad jurisdiction, including taxes, health care, Social Security, Medicare, welfare and international trade.