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 Bachus
Spencer 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.
Bernie SandersBiden leads Sanders by single digits in South Carolina: poll Pro-Trump super PAC hits Biden with new Spanish-language ad in Nevada Biden will go after Bloomberg, Sanders at Las Vegas debate, aides say MORE (I-Vt.) in opposition. Bachus was confirmed by a 72-22 vote and Pryor was confirmed 77 to 19. GOP Sens. John Barrasso
John Anthony BarrassoSenators to meet with Zelensky after impeachment trial GOP senators defend Sondland, Vindman ousters: They weren't 'loyal' What the impeachment vote looked like from inside the chamber MORE (Wyo.), Marsha Blackburn
Marsha BlackburnTikTok introduces new parental controls Abortion wars flare up in Congress Hillicon Valley: Judge approves T-Mobile, Sprint merger | FTC to review past Big Tech deals | State officials ask for more cybersecurity help | House nears draft bill on self-driving cars MORE (Tenn.), Mike Braun
Michael BraunOvernight Health Care: Ernst endorses bipartisan bill to lower drug prices | US partnering with drugmakers on coronavirus vaccine | UN chief says virus poses 'enormous' risks Senators, bruised by impeachment, hunt for deals Plan to probe Bidens sparks GOP divisions MORE (Ind.), Ted Cruz
Rafael (Ted) Edward CruzTed Cruz takes aim at Alabama vasectomy bill: 'Yikes' 'Medicare for All' will turn into health care for none Cruz 'impresses' his daughter with Chris Evans meeting MORE (Texas), Steve Daines
Steven (Steve) David DainesAs many as eight GOP senators expected to vote to curb Trump's power to attack Iran Senate set for closing arguments on impeachment Schiff sparks blowback with head on a 'pike' line MORE (Mont.), Chuck Grassley
Charles (Chuck) Ernest GrassleyErnst endorses bipartisan Grassley-Wyden bill to lower drug prices Overnight Health Care: Nevada union won't endorse before caucuses after 'Medicare for All' scrap | McConnell tees up votes on two abortion bills | CDC confirms 15th US coronavirus case Mnuchin defends Treasury regulations on GOP tax law MORE (Iowa), Josh Hawley
Joshua (Josh) David HawleySenate Democrats introduce legislation to change impeachment trial rules Hillicon Valley: DOJ indicts four Chinese military officers over Equifax hack | Amazon seeks Trump deposition in 'war cloud' lawsuit | Inside Trump's budget | Republican proposes FTC overhaul GOP senator proposes overhauling federal agency to confront Big Tech MORE (Mo.), James Inhofe
James (Jim) Mountain InhofeOvernight Energy: Controversial Trump adviser reportedly returning to EPA | Delta aims to be first carbon neutral airline | Dem senator gives EPA D-minus on 'forever chemicals' Architect of controversial EPA policies to return as chief of staff: report Democratic senators press Interior official over proposed changes to migratory bird protections MORE (Okla.), John Kennedy
John Neely KennedyMORE (La.), James Lankford
James Paul LankfordSenate drama surrounding Trump trial starts to fizzle The Hill's Morning Report - Trump defense rests, GOP struggles to bar witnesses GOP confident of win on witnesses MORE (Okla.), Mike Lee
Michael (Mike) Shumway LeeThe Hill's Morning Report — AG Barr, GOP senators try to rein Trump in Overnight Defense: Senate votes to rein in Trump war powers on Iran | Pentagon shifting .8B to border wall | US, Taliban negotiate seven-day 'reduction in violence' The 8 Republicans who voted to curb Trump's Iran war powers MORE (Utah), Marco Rubio
Marco Antonio RubioCheese, wine importers reeling from Trump trade fight Peace Corps' sudden decision to leave China stirs blowback Lawmakers raise concerns over Russia's growing influence in Venezuela MORE (Fla.), Ben Sasse
Benjamin (Ben) Eric SasseOvernight Health Care: Nevada union won't endorse before caucuses after 'Medicare for All' scrap | McConnell tees up votes on two abortion bills | CDC confirms 15th US coronavirus case McConnell tees up votes on two abortion bills Behind the scenes of McConnell's impeachment drama MORE (Neb.), Richard Shelby
Richard Craig ShelbyOn The Money: Republicans expect Trump to pull controversial Fed nominee | Inside Judy Shelton's confirmation hearing | Trump extends emergency declaration at border Republicans expect Trump to withdraw controversial Fed nominee Pentagon transferring .8 billion to border wall MORE (Ala.), Pat Toomey
Patrick (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 Young
Todd Christopher YoungThe Hill's Morning Report — AG Barr, GOP senators try to rein Trump in Overnight Defense: Senate votes to rein in Trump war powers on Iran | Pentagon shifting .8B to border wall | US, Taliban negotiate seven-day 'reduction in violence' The 8 Republicans who voted to curb Trump's Iran war powers 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 Trump
Donald John TrumpFed saw risks to US economy fading before coronavirus spread quickened Pro-Trump super PAC hits Biden with new Spanish-language ad in Nevada Britain announces immigration policy barring unskilled migrants MORE had initially nominated former Rep. Scott Garrett
Ernest (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 Waters
Maxine Moore WatersMaxine Waters blasts Trump as 'mafia boss' over Stone case Democrats highlight lack of diversity at major banks in new report Fed chief issues stark warning to Congress on deficits MORE (D-Calif.) and Patrick McHenry
Patrick Timothy McHenryFed chief issues stark warning to Congress on deficits Fed chairman warns of economic damage from coronavirus House passes legislation to overhaul consumer credit reporting 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.
