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 CrapoBipartisan effort seeks end to budget gimmicks Republicans mum on possibility of Trump filling Supreme Court seat Senate approves first amendments to energy bill MORE (Idaho), Johnny IsaksonJohnny IsaksonSenate approves new Veterans Affairs watchdog Overnight Regulation: Republicans move to block financial adviser rule Senate Republicans move to block financial adviser rule 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 KirkElizabeth Warren stumps, raises funds for Duckworth GOP blocks slate of Obama judicial nominees Durbin: McConnell should move criminal justice bill next month MORE (Ill.), John HoevenJohn HoevenThis week: Congress on track to miss Puerto Rico deadline Week ahead: Senate looks to wrap up energy, water spending bill Overnight Energy: Senate blocks GOP bill targeting water rule MORE (N.D.), Susan CollinsSusan CollinsLarry Wilmore, Sting party in DC ahead of WHCD GOP women push Trump on VP pick Sanders is most popular senator, according to constituent poll MORE (Maine), Dan CoatsDan CoatsInd. Senate candidate paid relative 0K for campaign work GOP blasts Obama for slow economic growth GOP Senate candidate failed to report private plane trip from Ind. supporter MORE (Ind.), John BoozmanJohn BoozmanDem Senate candidate rips Trump’s ‘serial harassment’ of women Bringing US rice back to Cuba Senate passes energy reform bill MORE (Ark.), Richard Shelby (Ala.), Thad CochranThad CochranFirst US Zika death reported in Puerto Rico Overnight Healthcare: Medicare fight looms on Capitol Hill Senate GOP hardening stance against emergency funding for Zika MORE (Miss.), Jerry MoranJerry MoranOvernight Finance: McConnell fast-tracks IRS bills; WH pushes free college tuition The Trail 2016: New Trump same as the old GOP lawmaker passes on Kansas Senate primary challenge MORE (Kan.), Lindsey GrahamLindsey GrahamTroops question rules for ISIS medal The beginning of the end for Ted Cruz Graham: 'Lucifer may be the only person Trump can beat in a general election' MORE (S.C.), John ThuneJohn ThuneAir traffic control plan faces tough fight ahead GOP blasts Obama for slow economic growth Overnight Tech: Business data deals on FCC agenda MORE (S.D.), Richard BurrRichard BurrThe Trail 2016: The establishment comes around Intel leaders push controversial encryption draft Moulitsas: 2016 dim for GOP MORE (N.C.), Kelly AyotteKelly AyotteGOP women push Trump on VP pick John Bolton PAC pours more cash into GOP campaigns Dem campaign arm: Poll numbers slipping for vulnerable Republicans MORE (N.H.), Roger WickerRoger WickerOvernight Healthcare: Senate making headway on Zika funding DNC head: Republicans ‘dropping like flies’ from convention Campaign chief to vulnerables: Stay away from GOP convention MORE (Miss.), Bob CorkerBob CorkerIran and heavy water: Five things to know Trump seeks approval from foreign policy experts, but hits snags The Trail 2016: The establishment comes around MORE (Tenn.), David VitterDavid VitterSenators aim to bolster active shooter training 5 takeaways from Mike Lee’s leadership bid Republicans demand shift in Obama’s ISIS strategy MORE (La.), Deb FischerDeb FischerSenate panel clears 'Internet of Things' bill Democrats block energy spending bill over Iran amendment GOP lawmakers vie for convention power MORE (Neb.), Roy BluntRoy BluntOvernight Healthcare: Medicare fight looms on Capitol Hill Senate GOP hardening stance against emergency funding for Zika Senate Dems accuse GOP of walking away from Zika deal MORE (Mo.), Tim ScottTim ScottCBS News lands Sanders as WHCA dinner guest Department of labor overtime rule is a roadblock to a bright career path Pop superstar Prince dies in Minnesota home MORE (S.C.), Jeff Chiesa (N.J.), Lamar AlexanderLamar AlexanderDemocrats block energy spending bill over Iran amendment Overnight Finance: Puerto Rico pressure builds; Big tariff vote Wednesday Senate votes to increase wind energy funding MORE (Tenn.), Dean HellerDean HellerCarter pledges probe of sex assault testimony Democrats block energy spending bill over Iran amendment Senate votes to increase wind energy funding MORE (Nev.), Lisa MurkowskiLisa MurkowskiThe Hill's 12:30 Report Bishop eyes new Puerto Rico bill after recess Week ahead: Senate looks to wrap up energy, water spending bill MORE (Alaska), Jeff SessionsJeff SessionsTrump seeks approval from foreign policy experts, but hits snags Many Republicans uninterested in being Trump’s VP: report GOP warms to Trump MORE (Ala.), Rob PortmanRob PortmanPoll: Government not doing enough to fight drug abuse Koch network super-PAC launches ad buys in Wisconsin, Nevada The Trail 2016: One-on-one, do-or-die? MORE (Ohio), John McCainJohn McCainWhy lobbyists should welcome a transparent presidential transition Experts warn weapons gap is shrinking between US, Russia and China McCain delivers his own foreign policy speech MORE (Ariz.) and Pat RobertsPat RobertsInvestments in research and development are investments in American jobs GOP senator blocks Obama Army nominee over Guantanamo Senators call on Obama administration to address steel industry issues 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.