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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 SandersStudy: Early unemployment cutoff would cost 16M people 0B Machine Gun Kelly reveals how Bernie Sanders aided him in his relationship with Megan Fox Overnight Health Care: CDC approves Pfizer vaccine for adolescents aged 12-15 | House moderates signal concerns with Pelosi drug pricing bill | Panel blasts COVID-19 response 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 BarrassoBiden says he and GOP both 'sincere about' seeking infrastructure compromise Senate panel advances Biden's deputy Interior pick The Hill's Morning Report - Presented by Facebook - Biden expresses optimism on bipartisanship; Cheney ousted MORE (Wyo.), Marsha BlackburnMarsha BlackburnHillicon Valley: Global cybersecurity leaders say they feel unprepared for attack | Senate Commerce Committee advances Biden's FTC nominee Lina Khan | Senate panel approves bill that would invest billions in tech Senate Commerce Committee advances Biden's FTC nominee Lina Khan The Memo: Trump's critics face wrath of GOP base MORE (Tenn.), Mike BraunMichael BraunGOP split on counteroffer to Biden's spending Democrats accuse GOP of new lows in culture wars Trade representative says policy must protect key industries MORE (Ind.), Ted CruzRafael (Ted) Edward CruzSenate panel deadlocks over Biden pick to lead DOJ civil rights division Yang: Those who thought tweet in support of Israel was 'overly simplistic' are correct CNN asks Carol Baskin to comment on loose Texas tiger MORE (Texas), Steve DainesSteven (Steve) David DainesGOP senator urges Biden to withdraw support for COVID vaccine patent waiver Overnight Energy: 5 takeaways from the Colonial Pipeline attack | Colonial aims to 'substantially' restore pipeline operations by end of week | Three questions about Biden's conservation goals House conservatives take aim at Schumer-led bipartisan China bill MORE (Mont.), Chuck GrassleyChuck GrassleyOn The Money: Biden says workers can't turn down job and get benefits | Treasury launches state and local aid | Businesses jump into vax push Grassley criticizes Biden's proposal to provide IRS with B The Hill's Morning Report - Presented by Facebook - Infrastructure, Cheney ouster on deck as Congress returns MORE (Iowa), Josh HawleyJoshua (Josh) David HawleyNYPD Asian Hate Crimes Task Force chief: Attacks are 'not new' More than 75 Asian, LGBTQ groups oppose anti-Asian crime bill Senate Commerce Committee advances Biden's FTC nominee Lina Khan MORE (Mo.), James InhofeJames (Jim) Mountain InhofeInhofe tells EPA nominee he'll talk to her 'daddy' if she does not 'behave' OVERNIGHT ENERGY: Senate nixes Trump rule limiting methane regulation | Senate confirms EPA chief: Biden's climate goals are 'an opportunity to lead' | Fine-particle pollution disproportionately hurts people of color: research EPA chief: Biden's climate goals are 'an opportunity to lead' MORE (Okla.), John KennedyJohn Neely KennedyMORE (La.), James LankfordJames Paul LankfordTop border officials defend Biden policies Rubio and bipartisan group of senators push to make daylight saving time permanent Senate inches toward COVID-19 vote after marathon session MORE (Okla.), Mike LeeMichael (Mike) Shumway LeeOvernight Energy: Colonial Pipeline says it has restored full service | Biden urges people not to panic about gasoline shortages | EPA rescinds Trump-era cost-benefit rule Senate panel advances Biden's deputy Interior pick Hillicon Valley: Global cybersecurity leaders say they feel unprepared for attack | Senate Commerce Committee advances Biden's FTC nominee Lina Khan | Senate panel approves bill that would invest billions in tech MORE (Utah), Marco RubioMarco Antonio RubioStudy: Early unemployment cutoff would cost 16M people 0B The Hill's Morning Report - Presented by Facebook - Cheney poised to be ousted; Biden to host big meeting Senate votes to repeal OCC 'true lender' rule MORE (Fla.), Ben SasseBen SasseOvernight Energy: 5 takeaways from the Colonial Pipeline attack | Colonial aims to 'substantially' restore pipeline operations by end of week | Three questions about Biden's conservation goals Hillicon Valley: Colonial Pipeline attack underscores US energy's vulnerabilities | Biden leading 'whole-of-government' response to hack | Attorneys general urge Facebook to scrap Instagram for kids Utah county GOP censures Romney over Trump impeachment vote MORE (Neb.), Richard ShelbyRichard Craig ShelbyBiden officials testify that white supremacists are greatest domestic security threat Republicans embrace Trump in effort to reclaim Senate Top Senate Democrat announces return of earmarks MORE (Ala.), Pat ToomeyPatrick (Pat) Joseph ToomeySasse rebuked by Nebraska Republican Party over impeachment vote Philly GOP commissioner on censures: 'I would suggest they censure Republican elected officials who are lying' Toomey censured by several Pennsylvania county GOP committees over impeachment vote MORE (Pa.) and Todd YoungTodd Christopher YoungSenate Democrats ramp up push to limit Biden's war powers US Olympic Committee urges Congress not to boycott Games in China Senate panel approves bill that would invest billions in tech 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 TrumpProject Veritas surveilled government officials to expose anti-Trump sentiments: report Cheney: Fox News has 'a particular obligation' to refute election fraud claims The Memo: What now for anti-Trump Republicans? 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 WatersJuan Williams: Tim Scott should become a Democrat The Hill's Morning Report - Biden address to Congress will dominate busy week Maxine Waters: Judge in Chauvin trial who criticized her was 'angry' MORE (D-Calif.) and Patrick McHenryPatrick Timothy McHenryMcCarthy unveils House GOP task forces, chairs On The Money: House panel spars over GameStop, Robinhood | Manchin meets with advocates for wage | Yellen says go big, GOP says hold off House panel spars over GameStop frenzy, trading apps 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.