Should CIO report to CFO?

Increasingly I've noticed that CFO are taking over the overall control of IT department & making the CIO report into the CFO. I guess the thought process is that in this competitive market CFO wants to keep a control on IT budget and make sure every penny is spent wisely. However I wonder if every IT initiative can be looked at keeping short time benefits in mind, does the financial background of CFO enables them to look at bigger picture or long term goal? I strongly believe few large IT initiative cannot be always looked at from the profit & loss point of view rather long term returns, business benefits and efficiency. Sometimes its good and bad to roll IT into CFO organization however it largely depends on the business model and objective where an organization want to go.