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."

Sen. Pat Toomey (R-Pa.) voted against Hochberg, not because he wasn’t qualified, but because he thinks the bank “is a taxpayer risk” and “picks winners and losers.”

“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 CrapoDodd-Frank ripe for reform, not repeal Ryan lights Capitol Christmas tree Ex-Im faces new problems with Trump MORE (Idaho), Johnny IsaksonJohnny IsaksonGOP senators wary of nuking filibuster SENATE: Republicans defy odds to keep majority A banner year for U.S. leadership on aid effectiveness 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 KirkJuan Williams: McConnell won big by blocking Obama Battle for the Senate: Top of ticket dominates The untold stories of the 2016 battle for the Senate MORE (Ill.), John HoevenJohn HoevenSenate GOP to Obama: Stop issuing new rules Feds deny permit for Dakota Access pipeline Dem senator to meet with Trump MORE (N.D.), Susan CollinsSusan CollinsDems, greens gear up for fight against Trump EPA pick Medicare looms over Trump-Ryan alliance Senators crafting bill to limit deportations under Trump MORE (Maine), Dan CoatsDan CoatsTrump's Cabinet: What jobs are left to fill Trump narrows secretary of State field to four finalists 2016’s battle for the Senate: A shifting map MORE (Ind.), John BoozmanJohn BoozmanArk., Texas senators put cheese dip vs. queso to the test Deficits could stand in the way of Trump's agenda The untold stories of the 2016 battle for the Senate MORE (Ark.), Richard Shelby (Ala.), Thad CochranThad CochranGOP senators voice misgivings about short-term spending bill Trump's wrong to pick Bannon or Sessions for anything Bottom Line MORE (Miss.), Jerry MoranJerry MoranSenate GOP to Obama: Stop issuing new rules Overnight Tech: Bill protecting online reviews heads to Obama | New addition to FCC transition team | Record Cyber Monday Overnight Finance: Trump expected to pick Steven Mnuchin for Treasury | Budget chair up for grabs | Trump team gets deal on Carrier jobs MORE (Kan.), Lindsey GrahamLindsey GrahamDemocrats unnerved by Trump's reliance on generals Graham slams Russia Second Dem calls for probe into Russian election involvement MORE (S.C.), John ThuneJohn ThuneOvernight Tech: Last-ditch effort to get Dem FCC commish confirmed | Facebook's Sandberg on fake news | Microsoft completes LinkedIn deal FCC chairman willing to resign to get colleague confirmed Overnight Tech: AT&T, Time Warner CEOs defend merger before Congress | More tech execs join Trump team | Republican details path to undoing net neutrality MORE (S.D.), Richard BurrRichard BurrTop Intel Dem: Congress 'far from consensus' on encryption Trump must be an advocate for the Small Business Administration Dems pledge to fight Sessions nomination MORE (N.C.), Kelly AyotteKelly AyotteDem senator tears up in farewell speech Juan Williams: McConnell won big by blocking Obama Battle brews over Trump’s foreign policy MORE (N.H.), Roger WickerRoger WickerRepublican wins La. Senate runoff in final 2016 race FCC chairman willing to resign to get colleague confirmed GOP eager to see Harry Reid go MORE (Miss.), Bob CorkerBob CorkerCorker calls Tillerson 'very impressive' Trump picks Exxon CEO Tillerson for secretary of State: report Senate passes dozens of bills on way out of town MORE (Tenn.), David VitterDavid VitterRepublican wins La. Senate runoff in final 2016 race Trump questions merits of early voting WATCH LIVE: Trump speaks at GOP rally in La. MORE (La.), Deb FischerDeb FischerSenate GOP to Obama: Stop issuing new rules Trump’s Cabinet picks raise hopes for infrastructure package GOP senators avoid Trump questions on rigged election MORE (Neb.), Roy BluntRoy BluntSanders: GOP blocked 'Trump proposal' to lower drug prices McConnell: We'll start Obamacare repeal on day one Could bipartisanship rise with Trump government? MORE (Mo.), Tim ScottTim ScottSunday shows preview: Trump sits down with Fox Senate GOP: National museum should include Clarence Thomas Senate passes college anti-Semitism bill MORE (S.C.), Jeff Chiesa (N.J.), Lamar AlexanderLamar AlexanderGOP eyes big gamble on ObamaCare Mnuchin, Price meet with GOP senators Reid bids farewell to the Senate MORE (Tenn.), Dean HellerDean HellerSenate passes dozens of bills on way out of town Reid bids farewell to the Senate Reid defends relationship with McConnell in farewell speech MORE (Nev.), Lisa MurkowskiLisa MurkowskiSenators move to protect 'Dreamers' Speaker’s office: No energy bill this year Passing US-Canada preclearance would improve security and economy MORE (Alaska), Jeff SessionsJeff SessionsDem senator seeks more time for 'due diligence' on Sessions nomination Senate clears water bill with Flint aid, drought relief Critics of Jeff Sessions's LGBT case don't know their history (or his) MORE (Ala.), Rob PortmanRob PortmanSenate passes dozens of bills on way out of town Senators to Trump: Get tough on Russia over Ukraine John Glenn dies at 95 MORE (Ohio), John McCainJohn McCainSunday shows preview: Trump sits down with Fox McCain: Tillerson ties to Putin a 'matter of concern' Second Dem calls for probe into Russian election involvement MORE (Ariz.) and Pat RobertsPat RobertsSenate GOP to Obama: Stop issuing new rules GOP debates going big on tax reform Memo to the LGBT community: Donald Trump is not your enemy 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.