"It's an important moment for the country," he said ahead of a procedural vote.
A push to pass fast-track trade legislation faces a test vote in the Senate.
The bill has some bipartisan support, but faces an all-but-certain Obama veto.
Sen. Ben Sasse (R-Neb.) was the lone "no" vote.
The Alabama senator says Republicans "have a second chance" on trade.
The bank is set to expire at the end of the month.
The panel said media reports have "directly impacted the committee's investigation."
They say the Internet has made a Commerce Department agency obsolete.
The Republican called for "a little more trust" ahead of trade votes.
The presidential candidate wants to reduce State Department funding every 30 days.