Two of most principled members of Congress, Sen. Jim DeMint (R-S.C.) and Rep. Jeb Hensarling (R-Tex.), launched a new caucus today called Reagan21, which they hope will bolster the GOP’s standing on fiscal restraint, ethics and national defense. Roll Call ($) reported the details this morning.

The group — which in addition to DeMint and Hensarling is made up of Sen. Tom Coburn (R-Okla.), Rep. John Shadegg (R-Ariz.), Rep. Paul Ryan (R-Wis.), Rep. Tom Price (R-Ga.) and Rep. John Campbell (R-Calif.) — will officially announce the creation of their new caucus — dubbed Reagan21. They also will unveil their “statement of policy commitment,” which includes 10 key positions on issues ranging from Congressional earmarks to health care reform.

While participants are billing the new caucus as a complement to the leadership teams in place in the House and Senate, Republicans familiar with the project acknowledge that to a certain degree it is a challenge to Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader John Boehner (R-Ohio), because implicitly the call for a new direction is a rejection of the course they have steered along with President Bush.

DeMint is chairman of the Senate Steering Committee and Hensarling leads the Republican Study Committee in House. Both institutions draw membership from the conservative wing of the GOP. By joining forces, DeMint and Hensarling will solidify their influence and pose an even greater threat to leadership in both houses. At this stage, however, the new caucus didn’t seem to worry Boehner, who released a statement praising the endeavor.

Republicans earned the majority in 1994 by showing that we are the party of reform – a party committed to the priorities the Reagan21 caucus emphasizes. I congratulate Congressman Hensarling and Senator DeMint for their work in founding the caucus and their commitment to the ideals of President Reagan.

As I’ve often said, our party is not in need of new principles; our principles have stood the test of time, and they will endure long after the torch has been passed from today’s leaders to the next. But Congressional Republicans are using our time in the minority as an opportunity to renew our commitment to our principles. And we’re using our principles to craft reforms that will promote freedom and security and help to restore the bonds of trust between Americans and their elected leaders.

Then again, a story from Monday’s Roll Call ($) must have been disheartening for the GOP leader, who survived a challenge last year from conservative Rep. Mike Pence (R-Ind.) to become minority leader. The article put it bluntly for the House GOP leadership:

House Republicans have taken a sharp turn to the right this year, with the long-disaffected conservative Republican Study Committee finding its clout growing within the party even as the GOP’s fortunes have tumbled.

As someone who strongly supported Pence and Shadegg in last November’s leadership elections, I’m glad to see conservatives asserting themselves. Boehner has done an admirable job as leader, but conservatives need to keep him and McConnell honest. I hope what DeMint and Hensarling have created serves that purpose — and helps the Republican Party reshape its brand.