Export-Import Bank back to full strength after Senate confirmations

Export-Import Bank back to full strength after Senate confirmations
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The Senate on Wednesday voted to confirm three officials to the board of the Export-Import Bank, restoring the federal manufacturing subsidizer to full strength in a blow to its conservative critics.

Senators voted to confirm Kimberly Reed as president of the Ex-Im Bank and approved the nomination of former Rep. Spencer BachusSpencer Thomas BachusBiz groups take victory lap on Ex-Im Bank On The Money: White House files notice of China tariff hikes | Dems cite NYT report in push for Trump tax returns | Trump hits Iran with new sanctions | Trump praises GM for selling shuttered Ohio factory | Ex-Im Bank back at full strength Export-Import Bank back to full strength after Senate confirmations MORE (R-Ala.) and Judith DelZoppo Pryor to be members of the bank’s board of directors.

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Senators voted 79 to 17 to confirm Reed, with 16 Republicans and Sen. Bernie SandersBernie SandersButtigieg defends appearing on Fox News: Many Americans don't hear Dems' message Buttigieg: The future 'is personal' for me Donald Trump, president for life? We need term limits now MORE (I-Vt.) in opposition. Bachus was confirmed by a 72-22 vote and Pryor was confirmed 77 to 19. 

GOP Sens. John BarrassoJohn Anthony BarrassoTrump boxed in on trade Export-Import Bank back to full strength after Senate confirmations Mike Enzi announces he'll retire from Senate after 2020 MORE (Wyo.), Marsha BlackburnMarsha BlackburnGraham warns of 5G security threat from China Export-Import Bank back to full strength after Senate confirmations Trump, Senate GOP discuss effort to overhaul legal immigration MORE (Tenn.), Mike BraunMichael BraunPence, McConnell eulogize Sen. Richard Lugar GOP senators propose congressional term limits Bipartisan senators introduce bill to fix problem of teacher debt MORE (Ind.), Ted CruzRafael (Ted) Edward Cruz Eye-popping number of Dems: I can beat Trump 'SleepyCreepy Joe' and 'Crazy Bernie': Trump seeks to define 2020 Dems with insults The Hill's Morning Report - Presented by Pass USMCA Coalition - Restrictive state abortion laws ignite fiery 2020 debate MORE (Texas), Steve DainesSteven (Steve) David DainesBullock: Running for Senate 'never really got me excited' Liberian immigrant among Dems planning challenges to GOP senator in Montana Export-Import Bank back to full strength after Senate confirmations MORE (Mont.), Chuck GrassleyCharles (Chuck) Ernest GrassleyOvernight Defense: Trump rails against media coverage | Calls reporting on Iran tensions 'highly inaccurate' | GOP senator blocking Trump pick for Turkey ambassador | Defense bill markup next week Trump reaches deal to lift steel, aluminum tariffs on Mexico, Canada Top GOP senator blocking Trump's pick for Turkey ambassador MORE (Iowa), Josh HawleyJoshua (Josh) David HawleyHillicon Valley: WhatsApp issues fix after spyware breach | Pompeo warns Russia against interference | Florida gov confirms election hacking | Federal labor board's lawyer calls Uber drivers contractors | Graham zeroes in on 5G security Graham warns of 5G security threat from China GOP senator presses Zuckerberg over 'privacy pivot' MORE (Mo.), James InhofeJames (Jim) Mountain InhofeOvernight Defense — Presented by Huntington Ingalls Industries — Trump nominates Shanahan as Pentagon chief | House panel advances bill to block military funds for border wall | Trump defends Bolton despite differences Trump nominates Shanahan as Pentagon chief Iran, Venezuela puts spotlight on Trump adviser John Bolton MORE (Okla.), John KennedyJohn Neely KennedyMORE (La.), James LankfordJames Paul LankfordBipartisan group of senators introduce legislation designed to strengthen cybersecurity of voting systems Dems push to revive Congress' tech office US-China trade talks end without announcement of deal MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeBolton emerges as flashpoint in GOP debate on Iran Frustrated GOP senators want answers from Trump on Iran Congress can expand paid leave and help workers save with bipartisan support MORE (Utah), Marco RubioMarco Antonio RubioHillicon Valley: Trump takes flak for not joining anti-extremism pact | Phone carriers largely end sharing of location data | Huawei pushes back on ban | Florida lawmakers demand to learn counties hacked by Russians | Feds bust 0M cybercrime group Huawei says inclusion on US trade blacklist is in 'no one's interest' Frustrated GOP senators want answers from Trump on Iran MORE (Fla.), Ben SasseBenjamin (Ben) Eric SasseSenate Republicans running away from Alabama abortion law Hillicon Valley: Trump signs order to protect US networks from Chinese tech | Huawei downplays order | Trump declines to join effort against online extremism | Facebook restricts livestreaming | FCC proposes new tool against robocalls Huawei officials say they would 'welcome' US ban on tech posing national security risk MORE (Neb.), Richard ShelbyRichard Craig ShelbyCongressional leaders to launch budget talks with White House Democrats agree to humanitarian aid for border as part of disaster package On The Money: New financial disclosures provide glimpse of Trump's wealth | Walmart, Macy's say tariffs will mean price hikes | Consumer agency says Education Department blocking student loan oversight MORE (Ala.), Pat ToomeyPatrick (Pat) Joseph ToomeyOvernight Defense: Pick for South Korean envoy splits with Trump on nuclear threat | McCain blasts move to suspend Korean military exercises | White House defends Trump salute of North Korean general WH backpedals on Trump's 'due process' remark on guns Top GOP candidate drops out of Ohio Senate race MORE (Pa.) and Todd YoungTodd Christopher YoungBipartisan senators unveil measure to end surprise medical bills Pence, McConnell eulogize Sen. Richard Lugar On The Money: GOP angst grows over Trump's trade war | Trump promises help for 'Patriot Farmers' | Markets rebound | CBO founding director Alice Rivlin dies | Senate to vote on disaster aid bill next week MORE (Ind.) voted against all three nominees. 

With three of Ex-Im’s five board positions filled, the bank can now meet the legally required quorum to approve transactions worth more than $10 million.

The confirmations of Reed, Bachus and Pryor is the latest swing in a four-year battle between a broad coalition of Ex-Im supporters and fiscally conservative critics over its existence.

The Ex-Im Bank was created in 1934 to subsidize U.S. exporters and manufacturers amid mounting global competition. The bank attracted little political fire until 2015, when a cadre of GOP lawmakers spurred by conservative groups successfully blocked a reauthorization of its charter.

President TrumpDonald John TrumpTrump: 'I will not let Iran have nuclear weapons' Rocket attack hits Baghdad's Green Zone amid escalating tensions: reports Buttigieg on Trump tweets: 'I don't care' MORE had initially nominated former Rep. Scott GarrettErnest (Scott) Scott GarrettBiz groups take victory lap on Ex-Im Bank Export-Import Bank back to full strength after Senate confirmations Manufacturers support Reed to helm Ex-Im Bank MORE (R-N.J.), who was among the bank’s top House critics during the fight over its charter, to lead Ex-Im.

But after Senate Republicans rejected Garrett’s nomination, Toomey sought to block the confirmation of other Ex-Im nominees, preventing the bank from reaching full strength.

A bipartisan coalition of lawmakers and pro-business groups have rallied for restaffing Ex-Im, including the U.S. Chamber of Commerce and the National Association of Manufacturers.

Ex-Im advocates say the bank plays a crucial role in helping U.S. manufacturers compete against state-backed companies and protectionist trade policies, particularly in China.

The bank’s critics, including the Heritage Foundation and the conservative nonprofit Americans for Prosperity, say Ex-Im is prototypical crony capitalism that distorts markets and benefits major U.S. firms that do not need help.

The Ex-Im Bank’s future is still unclear despite the confirmation of three new members, with lawmakers facing a September deadline to reauthorize the bank’s charter.

Reps. Maxine WatersMaxine Moore WatersDemocrats are running out of stunts to pull from impeachment playbook Maxine Waters: Trump 'has done everything that one could even think of to be eligible for impeachment' Maxine Waters: Parts of Trump immigration plan are 'very racist' MORE (D-Calif.) and Patrick McHenryPatrick Timothy McHenryExport-Import Bank back to full strength after Senate confirmations Top Financial Services Republican presses regulators on Dodd-Frank rollbacks Dems digging into Trump finances post-Mueller MORE (R-N.C.), the chairwoman and ranking member of the House Financial Services Committee, respectively, both support renewing the bank but could face obstacles from Toomey, Shelby and other Ex-Im critics.