Republicans agreed to vote on his nomination as part of a deal to avoid Senate rule changes limiting the minority's right to filibuster executive branch nominees.
“I am honored to have been reappointed by President Obama and confirmed by the Senate for another term as chairman of the Export-Import Bank," Hochberg said in a statement.
“As we continue our economic recovery, exports continue to play a key role. Over the past four years, Ex-Im Bank’s financing has supported nearly 1 million American jobs and helped thousands of small businesses expand their reach into international markets."
“By invoking cloture, as we have just done, and voting for confirmation,” Toomey said ahead of the vote. “I think we’re going to miss a big opportunity to make some reforms.”
The bank provides loan guarantees to foreign companies that want to do business with U.S. exporters.
Sen. Marie Cantwell (D-Wash.) said Hochberg’s confirmation was necessary to support more than 220,000 U.S. jobs. She said that if Hochberg hadn’t been confirmed this week, the bank wouldn’t have been able to make future loans since the board wouldn’t have had enough members to make decisions.
“We want U.S. products to be bought and sold in countries and markets all over the world,” Cantwell said ahead of the vote. “If we don’t approve the chairman, these deals might not go through.”
But Toomey argued that the loan process is “politicized.”
“These taxpayer-backed loans and guarantees help some U.S. companies and not others,” Toomey said. “These are the sort of unintended consequences that occur when the government meddles in the markets.”
GOP Sens. Mike CrapoMike CrapoGOP warming up to Cuba travel Ann Coulter: VP pick is Trump's first mistake Overnight Finance: Freedom Caucus moves to impeach IRS chief | Calls for US-UK trade talks | Clinton ally offers trade for Trump tax returns MORE (Idaho), Johnny IsaksonJohnny IsaksonGOP senators to donors: Stick with us regardless of Trump Can Congress tackle chronic illness in Medicare patients? Policymakers take important step toward better end-of-life care MORE (Ga.), Mike JohannsMike JohannsTo buy a Swiss company, ChemChina must pass through Washington Republican senator vows to block nominees over ObamaCare co-ops Revisiting insurance regulatory reform in a post-crisis world MORE (Neb.), Mark KirkMark KirkNBA pulls All-Star Game from NC over bathroom law GOP groups scale back support for Sen. Johnson Top GOP senator: Trump will have little effect on Senate races MORE (Ill.), John HoevenJohn HoevenMajority of GOP senators to attend Trump convention Death threats against senators remained on Twitter for 2 weeks Senate panel approves funding boost for TSA MORE (N.D.), Susan CollinsSusan CollinsThe Trail 2016: Words matter Lobbyists bolting Trump convention early GOP sen at convention: I'm not ruling out voting for Clinton MORE (Maine), Dan CoatsDan CoatsGOP rallies to Trump's 'law and order' message after Baton Rouge Indiana Republicans to pick Pence replacement next week Convention calendar: Parties and events MORE (Ind.), John BoozmanJohn BoozmanSenators launch broadband caucus A GMO labeling law that doesn’t require English? No thanks! Majority of GOP senators to attend Trump convention MORE (Ark.), Richard Shelby (Ala.), Thad CochranThad CochranWhy a bill about catfish will show whether Ryan's serious about regulatory reform Capitol locked down for second time in a week This week: Congress eyes the exits in dash to recess MORE (Miss.), Jerry MoranJerry MoranMeet the rising GOP star who already enrages the left GOP warming up to Cuba travel Senate clears FAA authorization bill MORE (Kan.), Lindsey GrahamLindsey GrahamVulnerable GOP senators praise Kaine Meghan McCain: ‘I no longer recognize my party’ Ex-UN ambassador John Bolton: Trump should take back NATO remarks MORE (S.C.), John ThuneJohn ThuneFCC chief pushes phone companies to offer free robocall blocking How the new aviation law will affect your travel GOP chairman seeks answers about Tesla’s autopilot feature MORE (S.D.), Richard BurrRichard BurrThe Trail 2016: Putting the past behind them The Hill's 12:30 Report Burr pledges to retire after one more Senate term MORE (N.C.), Kelly AyotteKelly AyotteKasich doesn't regret skipping convention Top GOP senator: Trump will have little effect on Senate races Hindu-American emerges as Trump mega-donor MORE (N.H.), Roger WickerRoger WickerTop GOP senator: Trump will have little effect on Senate races GOP senators to donors: Stick with us regardless of Trump Majority of GOP senators to attend Trump convention MORE (Miss.), Bob CorkerBob CorkerTrump starts considering Cabinet Trump's secret weapon is Ivanka Senate Dems introduce Iran sanctions extension MORE (Tenn.), David VitterDavid VitterDavid Duke will bank on racial tensions in Louisiana Senate bid Former KKK leader David Duke running for Senate Six senators call on housing regulator to let Congress finish housing finance reform MORE (La.), Deb FischerDeb FischerRemembering small business during the presidential election Overnight Healthcare: Health mergers in trouble? | Norovirus in Cleveland | GOP chairman rejects Trump Medicare pricing plan Reluctant lobbyists descend on Cleveland MORE (Neb.), Roy BluntRoy BluntOvernight Energy: Officials close in on new global emissions deal 40 senators seek higher biodiesel mandate Top Dem Senate hopefuls to skip convention MORE (Mo.), Tim ScottTim ScottDemocrats have a long way to go before they can tout their Hill diversity Cotton pitches anti-Democrat message to SC delegation Senate condemns Dallas attack on police MORE (S.C.), Jeff Chiesa (N.J.), Lamar AlexanderLamar AlexanderGOP senators to donors: Stick with us regardless of Trump Overnight Healthcare: Mysterious new Zika case | Mental health bill in doubt | Teletraining to fight opioids Hopes dim for mental health deal MORE (Tenn.), Dean HellerDean HellerSenators offer bill removing hurdles to offering stock options Six senators call on housing regulator to let Congress finish housing finance reform Majority of GOP senators to attend Trump convention MORE (Nev.), Lisa MurkowskiLisa MurkowskiBig Oil makes a push for risky and reckless Arctic drilling GOP divided over 0M for climate fund Overnight Energy: House passes first Interior, EPA spending bill in seven years MORE (Alaska), Jeff SessionsJeff SessionsTrump starts considering Cabinet Trump tweets: 'Such a great honor' to be GOP nominee GOP nominates Trump for president MORE (Ala.), Rob PortmanRob PortmanThe Trail 2016: Trump’s big night Portman: Trump has 'potential' to help GOP candidates Kasich doesn't regret skipping convention MORE (Ohio), John McCainJohn McCainFox News bests major networks in convention ratings Meghan McCain: ‘I no longer recognize my party’ Why a bill about catfish will show whether Ryan's serious about regulatory reform MORE (Ariz.) and Pat RobertsPat RobertsMeet the rising GOP star who already enrages the left Senators ask IRS to issue guidance to help startups GOP makes new push on wildfire bills MORE (Kan.) voted with Democrats to confirm Hochberg.
Hochberg was easily confirmed in 2009 — by unanimous consent in the Senate — and saw the bank through a reauthorization fight last year that increased the total financing the bank can guarantee, to $140 billion from $100 billion.