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 BachusManufacturing group leads coalition to urge Congress to reauthorize Ex-Im Bank Biz 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 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 SandersOvernight Health Care — Presented by Partnership for America's Health Care Future — ObamaCare premiums dropping for 2020 | Warren, Buttigieg shift stances on 'Medicare for All' | Drug companies spend big on lobbying Mellman: Trumping peace and prosperity Tlaib to join Sanders at campaign rally in Detroit 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 BarrassoConservation gains in Senate bill would help all Americans To stave off a recession, let's pass a transportation infrastructure bill Overnight Defense: GOP wary of action on Iran | Pence says US 'locked and loaded' to defend allies | Iran's leader rules out talks with US MORE (Wyo.), Marsha BlackburnMarsha BlackburnGraham, Van Hollen introduce Turkey sanctions bill Lawmakers toast Greta Van Susteren's new show GOP senators say Erdoğan White House invitation should be revoked MORE (Tenn.), Mike BraunMichael BraunHillicon Valley: Senate Intel report urges action to prevent 2020 Russian meddling | Republicans warn Microsoft of 'urgent' Huawei threat | Court rules FBI surveillance violated Americans' rights GOP senators warn Microsoft of 'urgent' threat from Huawei Senate passes stopgap spending bill, sending it to Trump MORE (Ind.), Ted CruzRafael (Ted) Edward CruzPartisan squabbles endanger congressional response to Trump's course on Syria Trump urged to hire chief strategist for impeachment fight The Hill's Morning Report - Presented by Better Medicare Alliance - Trump's impeachment plea to Republicans MORE (Texas), Steve DainesSteven (Steve) David DainesFallout from Kavanaugh confirmation felt in Washington one year later Conservatives offer stark warning to Trump, GOP on background checks The 23 Republicans who opposed Trump-backed budget deal MORE (Mont.), Chuck GrassleyCharles (Chuck) Ernest GrassleyMulvaney faces uncertain future after public gaffes State cites 38 people for violations in Clinton email review Lawmakers from both sides of the aisle mourn Cummings MORE (Iowa), Josh HawleyJoshua (Josh) David HawleyHillicon Valley: Zuckerberg would support delaying Libra | More attorneys general join Facebook probe | Defense chief recuses from 'war cloud' contract | Senate GOP blocks two election security bills | FTC brings case against 'stalking' app developer Bipartisan lawmakers to introduce bill allowing social media users to transfer data Zuckerberg launches public defense of Facebook as attacks mount MORE (Mo.), James InhofeJames (Jim) Mountain InhofeOvernight Defense: Trump's Syria envoy wasn't consulted on withdrawal | McConnell offers resolution urging Trump to rethink Syria | Diplomat says Ukraine aid was tied to political investigations Senate votes for North Macedonia to join NATO McConnell introduces resolution urging Trump to rethink Syria decision MORE (Okla.), John KennedyJohn Neely KennedyMORE (La.), James LankfordJames Paul LankfordTrump-Graham relationship tested by week of public sparring Overnight Defense — Presented by Boeing — Trump insists Turkey wants cease-fire | Fighting continues in Syrian town | Pentagon chief headed to Mideast | Mattis responds to criticism from Trump Senate GOP braces for impeachment trial 'roller coaster' MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeSenate votes for North Macedonia to join NATO Zuckerberg launches public defense of Facebook as attacks mount Overnight Defense — Presented by Boeing — Pence says Turkey agrees to ceasefire | Senators vow to move forward with Turkey sanctions | Mulvaney walks back comments tying Ukraine aid to 2016 probe MORE (Utah), Marco RubioMarco Antonio RubioHouse passes bill taking aim at anonymous shell companies Turkey says soldier killed despite cease-fire in Syria White House staggers after tumultuous 48 hours MORE (Fla.), Ben SasseBenjamin (Ben) Eric Sasse NBA commissioner says China asked league to fire Rocket's GM Lawmakers set to host fundraisers focused on Nats' World Series trip Hong Kong protesters trample, burn LeBron James jerseys in wake of comments MORE (Neb.), Richard ShelbyRichard Craig ShelbySenators have chance to double funding for women entrepreneurs—they should take it On The Money: Trump dismisses 'phony Emoluments Clause' after Doral criticism | Senate Dems signal support for domestic spending package | House panel to consider vaping tax Senate Dems signal they'll support domestic spending package MORE (Ala.), Pat ToomeyPatrick (Pat) Joseph ToomeyNSA improperly collected US phone records in October, new documents show Overnight 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 MORE (Pa.) and Todd YoungTodd Christopher YoungPaul blocks vote on House-passed Syria resolution for second time Turkey sanctions face possible wall in GOP Senate Paul blocks Senate vote on House-passed Syria resolution 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 TrumpGraham to introduce resolution condemning House impeachment inquiry Support for impeachment inches up in poll Fox News's Bret Baier calls Trump's attacks on media 'a problem' 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 WatersOn The Money: Waters clashes with Trump officials over 'disastrous' housing finance plan | Dems jump into Trump turf war over student loans | House passes bill targeting anonymous shell companies House passes bill taking aim at anonymous shell companies Avoiding the snake in the grass: Let's not allow impeachment to divide us MORE (D-Calif.) and Patrick McHenryPatrick Timothy McHenryHouse passes bill taking aim at anonymous shell companies Waters clashes with Trump officials over 'disastrous' housing plans House committee pressing Zuckerberg to testify on digital currency Libra 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.