Senate confirms Obama’s nominee to lead Export-Import Bank

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 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 IsaksonCruz, Lee question legality of Iran payment GOP senator: Obama 'hid' Iran payment from Congress GOP senators push Kerry on Iran payment 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 KirkWhite House dismisses GOP senator's likening of Obama to 'drug dealer in chief' The Trail 2016: Focus on the Foundation White House: 0M Iran payment wasn’t ransom 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 CollinsPolitical bedfellows of 2016 may be strange but not unheard of Obama creates new national monument in Maine GOP senator considering Libertarian ticket MORE (Maine), Dan CoatsDan CoatsBayh's Indiana voting status is inactive: report Poll: Democrat Bayh up 7 points in Indiana Senate race Indiana Dem Bayh touts his 'independence' in Senate ad MORE (Ind.), John BoozmanJohn BoozmanSeeing 20/20 on the Contact Lens Consumers Health Protection Act Tim Kaine backs call to boost funding for Israeli missile defense Senators launch broadband caucus 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 GrahamThe Trail 2016: Clinton’s ups and downs Graham: GOP being 'left behind' under Trump Thousands of Soros docs released by alleged Russian-backed hackers MORE (S.C.), John ThuneJohn ThuneApple, Google enlisted for FCC robocall effort Fidelity denies lobbying for student loan tax break Republicans see fresh chance to overhaul telecom law MORE (S.D.), Richard BurrRichard BurrNC poll: Clinton up 2 points over Trump France, Germany push for encryption limits Republicans say party can’t afford to cut ties to Trump MORE (N.C.), Kelly AyotteKelly AyotteAyotte: Trump not always honest, trustworthy NH senate candidate: 'I didn't give my best answer' on Clinton honesty Republicans slam 0M 'ransom' payment to Iran MORE (N.H.), Roger WickerRoger WickerMcAuliffe: I wouldn't want a 'caretaker' in Kaine's Senate seat Top GOP senator: Trump will have little effect on Senate races GOP senators to donors: Stick with us regardless of Trump MORE (Miss.), Bob CorkerBob CorkerBolton would consider serving as Trump's secretary of State Trump struggles to land punches on Dems over ISIS GOP senator: Trump calling Obama ISIS founder 'went far too far' MORE (Tenn.), David VitterDavid VitterObama: Louisiana flooding 'not a photo op issue’ Louisiana senator calls on FEMA to open recovery centers Ryan's victory trumps justice reform opponents MORE (La.), Deb FischerDeb FischerMassachusetts demonstrates progress is possible on equal pay Remembering small business during the presidential election Overnight Healthcare: Health mergers in trouble? | Norovirus in Cleveland | GOP chairman rejects Trump Medicare pricing plan MORE (Neb.), Roy BluntRoy BluntTrump, Clinton running even in Missouri Top Republican presses Kerry for Iran 'ransom' details AFL-CIO urges GOP senators to 'renounce' Trump MORE (Mo.), Tim ScottTim ScottTrump to address Family Research Council summit Skip the hashtags, how Conservatives can talk to Black people. Highlighting contributions of entrepreneurs, startup companies MORE (S.C.), Jeff Chiesa (N.J.), Lamar AlexanderLamar AlexanderGOP Rep. Black wins primary fight GOP senators to donors: Stick with us regardless of Trump Overnight Healthcare: Mysterious new Zika case | Mental health bill in doubt | Teletraining to fight opioids MORE (Tenn.), Dean HellerDean HellerMcAuliffe: I wouldn't want a 'caretaker' in Kaine's Senate seat Senators offer bill removing hurdles to offering stock options Six senators call on housing regulator to let Congress finish housing finance reform MORE (Nev.), Lisa MurkowskiLisa MurkowskiMcAuliffe: I wouldn't want a 'caretaker' in Kaine's Senate seat Big Oil makes a push for risky and reckless Arctic drilling GOP divided over 0M for climate fund MORE (Alaska), Jeff SessionsJeff SessionsTrump vows to protect jobs, wages for Hispanic voters The Hill's 12:30 Report Ex-Eric Garner prosecutor calls for Clinton Foundation special prosecutor MORE (Ala.), Rob PortmanRob PortmanPolitical bedfellows of 2016 may be strange but not unheard of Clinton enjoying edge over Trump in Silicon Valley The Trail 2016: Focus on the Foundation MORE (Ohio), John McCainJohn McCainGeneral calls McCain's Bergdahl comments 'inappropriate' Clinton enjoying edge over Trump in Silicon Valley Five takeaways from Clinton, Trump finance reports MORE (Ariz.) and Pat RobertsPat RobertsTrump's new agriculture brain trust includes Rick Perry, Jim Gilmore Newer waters, same river: The Louisiana floods, and a state in turmoil Meet the rising GOP star who already enrages the left 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.

More in Senate races

GOP tries to link Dem candidates to Obama on Iran 'ransom'

Read more »