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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 SandersSenate Democrats leery of nixing filibuster 'Almost Heaven, West Virginia' — Joe Manchin and a 50-50 Senate Biden to seek minimum wage in COVID-19 proposal 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 BarrassoMcConnell about to school Trump on political power for the last time Georgia keeps Senate agenda in limbo Spending bill aims to reduce emissions, spur energy development MORE (Wyo.), Marsha BlackburnMarsha BlackburnColbert asks Republicans 'have you had enough?' in live show after Capitol violence Congress rejects challenge to Arizona's presidential vote LIVE COVERAGE: Congress certifies Biden win after Pennsylvania, Arizona challenges fail MORE (Tenn.), Mike BraunMichael BraunTop Republican congressional aide resigns, rips GOP lawmakers who objected to Biden win Congress affirms Biden win after rioters terrorize Capitol Congress rejects challenge to Arizona's presidential vote MORE (Ind.), Ted CruzRafael (Ted) Edward CruzDemocratic super PAC targets Hawley, Cruz in new ad blitz Boebert communications director resigns amid Capitol riot: report Hotel cancels Hawley fundraiser after Capitol riot: 'We are horrified' MORE (Texas), Steve DainesSteven (Steve) David DainesMcConnell about to school Trump on political power for the last time McConnell says he's undecided on whether to vote to convict Trump Member of Senate GOP leadership: Impeaching Trump 'not going to happen' MORE (Mont.), Chuck GrassleyChuck GrassleyImpeachment trial tests Trump's grip on Senate GOP McConnell about to school Trump on political power for the last time Overnight Health Care: Biden unveils COVID-19 relief plan | Post-holiday surge hits new deadly records | Senate report faults 'broken' system for insulin price hikes MORE (Iowa), Josh HawleyJoshua (Josh) David HawleySasse, in fiery op-ed, says QAnon is destroying GOP Democratic super PAC targets Hawley, Cruz in new ad blitz Hotel cancels Hawley fundraiser after Capitol riot: 'We are horrified' MORE (Mo.), James InhofeJames (Jim) Mountain InhofeMcConnell about to school Trump on political power for the last time 'I saw my life flash before my eyes': An oral history of the Capitol attack Republican senators now regret not doing more to contain Trump MORE (Okla.), John KennedyJohn Neely KennedyMORE (La.), James LankfordJames Paul LankfordThe Hill's 12:30 Report: What to expect for inauguration GOP Sen. Lankford apologizes to Black constituents for opposing election results 'I saw my life flash before my eyes': An oral history of the Capitol attack MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeRepublicans wrestle over removing Trump Lawmakers, leaders offer condolences following the death of Capitol Police officer GOP senators urging Trump officials to not resign after Capitol chaos MORE (Utah), Marco RubioMarco Antonio RubioFlorida Republicans close ranks with Trump after Capitol siege Confirmation hearing for Biden's DNI pick postponed McConnell about to school Trump on political power for the last time MORE (Fla.), Ben SasseBen SasseSasse, in fiery op-ed, says QAnon is destroying GOP Democratic super PAC targets Hawley, Cruz in new ad blitz Hotel cancels Hawley fundraiser after Capitol riot: 'We are horrified' MORE (Neb.), Richard ShelbyRichard Craig ShelbyMcConnell about to school Trump on political power for the last time Overnight Defense: Trump impeached for second time | National Guard at Capitol now armed, swelling to 20K troops for inauguration | Alabama chosen for Space Command home Space Command to be located in Alabama MORE (Ala.), Pat ToomeyPatrick (Pat) Joseph ToomeyGovernment used Patriot Act to gather website visitor logs in 2019 Appeals court rules NSA's bulk phone data collection illegal Dunford withdraws from consideration to chair coronavirus oversight panel MORE (Pa.) and Todd YoungTodd Christopher Young'I saw my life flash before my eyes': An oral history of the Capitol attack US Chamber of Commerce to stop supporting some lawmakers following the Capitol riots GOP senator confronted by Trump supporters over electoral challenge: 'The law matters' 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 TrumpFacebook temporarily bans ads for weapons accessories following Capitol riots Sasse, in fiery op-ed, says QAnon is destroying GOP Section 230 worked after the insurrection, but not before: How to regulate social media MORE had initially nominated former Rep. Scott GarrettErnest (Scott) Scott GarrettOn The Trail: The political losers of 2020 Biz groups take victory lap on Ex-Im Bank Export-Import Bank back to full strength after Senate confirmations 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 WatersCapitol Police report warned that Congress could be targeted three days before riot Democrats point fingers on whether Capitol rioters had inside help Lawmakers warned police of possible attack ahead of siege MORE (D-Calif.) and Patrick McHenryPatrick Timothy McHenryGOP at crossroads after Capitol siege Leaving on a high note: Outgoing NRCC head looks to build on 2020 Trump Georgia call divides House GOP 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.