diff --git a/cmd/gaia/app/app.go b/cmd/gaia/app/app.go
index 918bfc67d..765d624e9 100644
--- a/cmd/gaia/app/app.go
+++ b/cmd/gaia/app/app.go
@@ -251,6 +251,8 @@ func (app *GaiaApp) initChainer(ctx sdk.Context, req abci.RequestInitChain) abci
 	gov.InitGenesis(ctx, app.govKeeper, genesisState.GovData)
 	mint.InitGenesis(ctx, app.mintKeeper, genesisState.MintData)
 	distr.InitGenesis(ctx, app.distrKeeper, genesisState.DistrData)
+
+	// validate genesis state
 	err = GaiaValidateGenesisState(genesisState)
 	if err != nil {
 		panic(err) // TODO find a way to do this w/o panics
diff --git a/x/stake/genesis.go b/x/stake/genesis.go
index d44055ea8..42a18f904 100644
--- a/x/stake/genesis.go
+++ b/x/stake/genesis.go
@@ -29,17 +29,9 @@ func InitGenesis(ctx sdk.Context, keeper Keeper, data types.GenesisState) (res [
 	keeper.SetIntraTxCounter(ctx, data.IntraTxCounter)
 	keeper.SetLastTotalPower(ctx, data.LastTotalPower)
 
-	// We only need to set this if we're starting from a list of validators, not a state export
-	setBondIntraTxCounter := true
-	for _, validator := range data.Validators {
-		if validator.BondIntraTxCounter != 0 {
-			setBondIntraTxCounter = false
-		}
-	}
-
 	for i, validator := range data.Validators {
 		// set the intra-tx counter to the order the validators are presented, if necessary
-		if setBondIntraTxCounter {
+		if !data.Exported {
 			validator.BondIntraTxCounter = int16(i)
 		}
 		keeper.SetValidator(ctx, validator)
@@ -77,6 +69,16 @@ func InitGenesis(ctx sdk.Context, keeper Keeper, data types.GenesisState) (res [
 	}
 
 	res = keeper.ApplyAndReturnValidatorSetUpdates(ctx)
+
+	// overwrite the pool since we exported
+	if data.Exported {
+		keeper.SetPool(ctx, data.Pool)
+		keeper.ClearLastValidatorPowers(ctx)
+		for _, lv := range data.LastValidatorPowers {
+			keeper.SetLastValidatorPower(ctx, lv.Address, lv.Power)
+		}
+	}
+
 	return
 }
 
@@ -100,16 +102,23 @@ func ExportGenesis(ctx sdk.Context, keeper Keeper) types.GenesisState {
 		redelegations = append(redelegations, red)
 		return false
 	})
+	var lastValidatorPowers []types.LastValidatorPower
+	keeper.IterateLastValidatorPowers(ctx, func(addr sdk.ValAddress, power sdk.Int) (stop bool) {
+		lastValidatorPowers = append(lastValidatorPowers, types.LastValidatorPower{addr, power})
+		return false
+	})
 
 	return types.GenesisState{
 		Pool:                 pool,
 		Params:               params,
 		IntraTxCounter:       intraTxCounter,
 		LastTotalPower:       lastTotalPower,
+		LastValidatorPowers:  lastValidatorPowers,
 		Validators:           validators,
 		Bonds:                bonds,
 		UnbondingDelegations: unbondingDelegations,
 		Redelegations:        redelegations,
+		Exported:             true,
 	}
 }
 
diff --git a/x/stake/keeper/keeper.go b/x/stake/keeper/keeper.go
index a74f86084..70506f6ab 100644
--- a/x/stake/keeper/keeper.go
+++ b/x/stake/keeper/keeper.go
@@ -112,6 +112,31 @@ func (k Keeper) SetLastValidatorPower(ctx sdk.Context, operator sdk.ValAddress,
 	store.Set(GetLastValidatorPowerKey(operator), bz)
 }
 
+// Iterate over last validator powers.
+func (k Keeper) IterateLastValidatorPowers(ctx sdk.Context, handler func(operator sdk.ValAddress, power sdk.Int) (stop bool)) {
+	store := ctx.KVStore(k.storeKey)
+	iter := sdk.KVStorePrefixIterator(store, LastValidatorPowerKey)
+	defer iter.Close()
+	for ; iter.Valid(); iter.Next() {
+		addr := sdk.ValAddress(iter.Key()[len(LastValidatorPowerKey):])
+		var power sdk.Int
+		k.cdc.MustUnmarshalBinaryLengthPrefixed(iter.Value(), &power)
+		if handler(addr, power) {
+			break
+		}
+	}
+}
+
+// Clear last validator powers.
+func (k Keeper) ClearLastValidatorPowers(ctx sdk.Context) {
+	store := ctx.KVStore(k.storeKey)
+	iter := sdk.KVStorePrefixIterator(store, LastValidatorPowerKey)
+	defer iter.Close()
+	for ; iter.Valid(); iter.Next() {
+		store.Delete(iter.Key())
+	}
+}
+
 // Delete the last validator power.
 func (k Keeper) DeleteLastValidatorPower(ctx sdk.Context, operator sdk.ValAddress) {
 	store := ctx.KVStore(k.storeKey)
diff --git a/x/stake/types/genesis.go b/x/stake/types/genesis.go
index f1673a376..1085e8f97 100644
--- a/x/stake/types/genesis.go
+++ b/x/stake/types/genesis.go
@@ -10,10 +10,18 @@ type GenesisState struct {
 	Params               Params                `json:"params"`
 	IntraTxCounter       int16                 `json:"intra_tx_counter"`
 	LastTotalPower       sdk.Int               `json:"last_total_power"`
+	LastValidatorPowers  []LastValidatorPower  `json:"last_validator_powers"`
 	Validators           []Validator           `json:"validators"`
 	Bonds                []Delegation          `json:"bonds"`
 	UnbondingDelegations []UnbondingDelegation `json:"unbonding_delegations"`
 	Redelegations        []Redelegation        `json:"redelegations"`
+	Exported             bool                  `json:"exported"`
+}
+
+// Last validator power, needed for validator set update logic
+type LastValidatorPower struct {
+	Address sdk.ValAddress
+	Power   sdk.Int
 }
 
 func NewGenesisState(pool Pool, params Params, validators []Validator, bonds []Delegation) GenesisState {