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 SandersBiden, Sanders lead Democratic field: poll The Memo: 2020 Democratic tensions burst to surface Sanders should fix the child food programs we already have before creating new dysfunction MORE (I-Vt.) in opposition. Bachus was confirmed by a 72-22 vote and Pryor was confirmed 77 to 19. 

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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 TrumpDems want tougher language on election security in defense bill Five aides to Van Drew resign ahead of his formal switch to GOP The myth of the conservative bestseller 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 WatersSupreme Court takes up fight over Trump financial records Trump tweet mocking Greta Thunberg sparks backlash Melania Trump's 'Be Best' hashtag trends after president goes after Greta Thunberg MORE (D-Calif.) and Patrick McHenryPatrick Timothy McHenryMnuchin expresses concerns about proposed taxes on financial trades Fed's top regulator takes heat from both parties NC rep explores Tillis primary challenge 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.