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 on Biden's Iraq War vote: 'that vote was a mistake' Buttigieg on Biden's Iraq War vote: 'that vote was a mistake' The generational divide of Joe Biden and the Democratic Party MORE (I-Vt.) in opposition. Bachus was confirmed by a 72-22 vote and Pryor was confirmed 77 to 19. 

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John BarrassoJohn Anthony BarrassoBipartisan senators propose forcing EPA to set drinking water standard for 'forever chemicals' Bipartisan senators propose forcing EPA to set drinking water standard for 'forever chemicals' Trump hails D-Day veterans in Normandy: 'You are the pride of our nation' MORE (Wyo.), Marsha BlackburnMarsha BlackburnElection security bills face GOP buzzsaw Election security bills face GOP buzzsaw Trump puts GOP in tough spot with remarks on foreign 'dirt' MORE (Tenn.), Mike BraunMichael BraunOvernight Health Care: Liberals rip Democratic leaders for writing drug pricing bill in secret | Dems demand answers from company that shelters migrant kids | Measles cases top 1,000 Overnight Health Care: Liberals rip Democratic leaders for writing drug pricing bill in secret | Dems demand answers from company that shelters migrant kids | Measles cases top 1,000 GOP senators ask PhRMA for solutions to lower drug prices MORE (Ind.), Ted CruzRafael (Ted) Edward CruzOcasio-Cortez and Cruz's dialogue shows common ground isn't just for moderates Ted Cruz, AOC have it right on banning former members of Congress from becoming lobbyists Ted Cruz, AOC have it right on banning former members of Congress from becoming lobbyists MORE (Texas), Steve DainesSteven (Steve) David DainesTrump throws support behind 'no brainer' measure to ban burning of American flag Trump throws support behind 'no brainer' measure to ban burning of American flag House panel advances bill to create cybersecurity standards for government IT devices MORE (Mont.), Chuck GrassleyCharles (Chuck) Ernest GrassleyOvernight Defense: Pompeo blames Iran for oil tanker attacks | House panel approves 3B defense bill | Trump shares designs for red, white and blue Air Force One On The Money: Pelosi says no debt ceiling hike until deal on spending caps | McConnell pressures White House to strike budget deal | Warren bill would wipe out billions in student debt | Senate passes IRS reform bill On The Money: Pelosi says no debt ceiling hike until deal on spending caps | McConnell pressures White House to strike budget deal | Warren bill would wipe out billions in student debt | Senate passes IRS reform bill MORE (Iowa), Josh HawleyJoshua (Josh) David HawleyThe Hill's Morning Report - Trump and House Democrats resume battle The Hill's Morning Report - Trump and House Democrats resume battle Trump judicial nominee says he withdrew over 'gross mischaracterizations' of record MORE (Mo.), James InhofeJames (Jim) Mountain InhofeSenate rejects effort to block Trump's Qatar, Bahrain arms sales Senate rejects effort to block Trump's Qatar, Bahrain arms sales Shanahan: 'No concerns' about FBI background check for nomination MORE (Okla.), John KennedyJohn Neely KennedyMORE (La.), James LankfordJames Paul LankfordElection security bills face GOP buzzsaw Election security bills face GOP buzzsaw Overnight Defense: Trump hails D-Day veterans in Normandy | Trump, Macron downplay rift on Iran | Trump mourns West Point cadet's death in accident | Pentagon closes review of deadly Niger ambush MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeOvernight Defense: Latest on House defense bill markup | Air Force One, low-yield nukes spark debate | House Dems introduce resolutions blocking Saudi arms sales | Trump to send 1,000 troops to Poland Overnight Defense: Latest on House defense bill markup | Air Force One, low-yield nukes spark debate | House Dems introduce resolutions blocking Saudi arms sales | Trump to send 1,000 troops to Poland Senators clinch votes to rebuke Trump on Saudi arms sale MORE (Utah), Marco RubioMarco Antonio RubioElection security bills face GOP buzzsaw Election security bills face GOP buzzsaw The Hill's Morning Report — Uproar after Trump's defense of foreign dirt on candidates MORE (Fla.), Ben SasseBenjamin (Ben) Eric SasseSwing-state Democrats see trouble in proposed pay hike Swing-state Democrats see trouble in proposed pay hike House Dems move to give lawmakers a pay increase MORE (Neb.), Richard ShelbyRichard Craig ShelbyOn The Money: Pelosi says no debt ceiling hike until deal on spending caps | McConnell pressures White House to strike budget deal | Warren bill would wipe out billions in student debt | Senate passes IRS reform bill On The Money: Pelosi says no debt ceiling hike until deal on spending caps | McConnell pressures White House to strike budget deal | Warren bill would wipe out billions in student debt | Senate passes IRS reform bill Trump's border funding comes back from the dead 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 YoungIndiana GOP Rep. 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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 defends Stephanopolous interview Trump defends Stephanopolous interview Buttigieg on offers of foreign intel: 'Just call the FBI' 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 WatersFive memorable moments from Sarah Sanders at the White House Five memorable moments from Sarah Sanders at the White House Dems eye repeal of Justice rule barring presidential indictments MORE (D-Calif.) and Patrick McHenryPatrick Timothy McHenryLawmakers battle over HUD protections for homeless transgender people Lawmakers battle over HUD protections for homeless transgender people Ben Carson decries 'gotcha' politics: 'Give me a break' 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.