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."

ADVERTISEMENT
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 CrapoTime for the feds to deregulate gun suppressors Senate votes to repeal transparency rule for oil companies Live coverage of Sessions confirmation hearing MORE (Idaho), Johnny IsaksonJohnny IsaksonGOP senators unveil bill to give Congress control of consumer bureau budget Oprah's network provides Senate with tape of abuse allegations by Puzder's ex-wife: report Battle over Trump nominees shifts to new target 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 KirkThe Hill's 12:30 Report Trump, judges on collision course GOP senator: Don't link Planned Parenthood to ObamaCare repeal MORE (Ill.), John HoevenJohn HoevenGOP senators unveil bill to give Congress control of consumer bureau budget Dem senator: DeVos bigger threat to education than grizzlies Senate set for high-noon vote to confirm DeVos MORE (N.D.), Susan CollinsSusan CollinsPruitt sworn in as EPA chief Comey meets Intel senators amid uproar over Trump-Russia ties EPA breaks Twitter silence to congratulate new head MORE (Maine), Dan CoatsDan CoatsSenate Intel head in the dark about Trump intelligence review DNI confirmation hearing expected on Senate return Intelligence business: Trump must keep privacy protections for US firms MORE (Ind.), John BoozmanJohn BoozmanGOP considers ways to ‘modernize’ endangered species law GOP senators unveil bill to give Congress control of consumer bureau budget GOP senators to Trump: We support 'maintaining and expanding' Gitmo MORE (Ark.), Richard Shelby (Ala.), Thad CochranThad CochranMulvaney sworn in as White House budget chief Senate confirms Mulvaney to be Trump’s budget chief McCain announces opposition to Trump's pick for budget chief MORE (Miss.), Jerry MoranJerry MoranVerizon angling to lower price of Yahoo purchase: report Microsoft president calls for ‘digital Geneva Convention’ GOP senators to Trump: We support 'maintaining and expanding' Gitmo MORE (Kan.), Lindsey GrahamLindsey GrahamTrump’s feud with the press in the spotlight Senators eye new sanctions against Iran Republicans play clean up on Trump's foreign policy MORE (S.C.), John ThuneJohn ThuneAngst in GOP over Trump's trade agenda Where Trump’s travel ban stands Verizon angling to lower price of Yahoo purchase: report MORE (S.D.), Richard BurrRichard BurrJuan Williams: Senate GOP begins to push Trump away Report: Senate Intel Committee asks agencies to keep records related to Russian probe Comey meets Intel senators amid uproar over Trump-Russia ties MORE (N.C.), Kelly AyotteKelly AyotteLewandowski saw no evidence of voter fraud in New Hampshire NH governor 'not aware’ of major voter fraud Former NH AG: 'Allegations of voter fraud in NH are baseless' MORE (N.H.), Roger WickerRoger WickerPruitt confirmation sets stage for Trump EPA assault Price huddles with Senate GOP on ObamaCare Net neutrality fix faces hard sell MORE (Miss.), Bob CorkerBob CorkerRepublicans play clean up on Trump's foreign policy GOP Congress unnerved by Trump bumps Trump makes nuclear mistake on arms control treaty with Russia MORE (Tenn.), David VitterDavid VitterMercury brings on former Sen. Vitter, two others Lobbying World Bottom Line MORE (La.), Deb FischerDeb FischerGOP considers ways to ‘modernize’ endangered species law GOP senator turns to equal pay for women, paid leave Overnight Cybersecurity: Election systems to remain 'critical infrastructure' MORE (Neb.), Roy BluntRoy BluntJudiciary Committee wants briefing, documents on Flynn resignation Intel Dem: House GOP now open to investigating Flynn Dems: 'Crazy' to trust GOP to investigate Flynn MORE (Mo.), Tim ScottTim ScottAngst in GOP over Trump's trade agenda Overnight Finance: Trump's Labor pick withdraws | Ryan tries to save tax plan | Trump pushes tax reform with retailers Puzder withdraws nomination for Labor secretary MORE (S.C.), Jeff Chiesa (N.J.), Lamar AlexanderLamar AlexanderRepublicans play clean up on Trump's foreign policy GOP's ObamaCare talking points leave many questions unanswered Overnight Regulation: Trump's new Labor pick | Trump undoes Obama coal mining rule MORE (Tenn.), Dean HellerDean HellerPlanned Parenthood targets GOP lawmakers amid ObamaCare protests Overnight Finance: Fed chief tries to stay above partisan fray | Bill would eliminate consumer agency | Trump signs repeal of SEC rule on foreign payments Fed chief looks to stay above partisan fray in Trump era MORE (Nev.), Lisa MurkowskiLisa MurkowskiPublic lands dispute costs Utah a major trade show Oprah's network provides Senate with tape of abuse allegations by Puzder's ex-wife: report More than 100 groups back Puzder for Labor secretary MORE (Alaska), Jeff SessionsJeff SessionsThe Trump Administration has definitely not drained the swamp Aide denies report that Christie has been talking WH role Where Trump’s travel ban stands MORE (Ala.), Rob PortmanRob PortmanRyan tries to save tax plan Rift in GOP threatens ObamaCare repeal Overnight Tech: GOP split on net neutrality strategy | Trump's phone worries Dems | Bill in the works on self-driving cars MORE (Ohio), John McCainJohn McCainTrump names McMaster new national security adviser How does placing sanctions on Russia help America? THE MEMO: Trump's wild first month MORE (Ariz.) and Pat RobertsPat RobertsAngst in GOP over Trump's trade agenda CNN's Acosta: 'The fix is in' on who gets to ask Trump questions GOP senators to Trump: We support 'maintaining and expanding' Gitmo 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.