Mr Bailey, who was appointed chief executive of the PRA and deputy governor of the Bank of England yesterday, will attend a session in March.
The questioning will assess his previous experience and suitability for the role.
Chairman of the Treasury Select Committee Andrew Tyrie MP said the size of Mr Bailey's task "should not be underestimated".
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He will be involved in managing the tri-partite regime of the Financial Policy Committee, the Prudential Regulatory Authority and Financial Conduct Authority. This will come into power on 1 April.
Mr Tyrie said: "Andrew Bailey already has experience as managing director of the Prudential Business Unit at the FSA and as a member of the Bank's interim Financial Policy Committee. That experience will help him in his new role.
"It is Mr Bailey's job to manage the transfer of banking and insurance supervision from the FSA to the Bank. His leadership will be instrumental in shaping a much-needed cultural change at the regulator, moving away from the failed box-ticking exercises of the FSA towards a more judgement-led regulation."

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