diff --git a/x/stake/genesis.go b/x/stake/genesis.go
index 42a18f9045..9b5c3c6af1 100644
--- a/x/stake/genesis.go
+++ b/x/stake/genesis.go
@@ -68,15 +68,13 @@ func InitGenesis(ctx sdk.Context, keeper Keeper, data types.GenesisState) (res [
 		keeper.InsertRedelegationQueue(ctx, red)
 	}
 
-	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)
 		}
+	} else {
+		res = keeper.ApplyAndReturnValidatorSetUpdates(ctx)
 	}
 
 	return
diff --git a/x/stake/keeper/keeper.go b/x/stake/keeper/keeper.go
index 70506f6aba..b6c973f98e 100644
--- a/x/stake/keeper/keeper.go
+++ b/x/stake/keeper/keeper.go
@@ -127,16 +127,6 @@ func (k Keeper) IterateLastValidatorPowers(ctx sdk.Context, handler func(operato
 	}
 }
 
-// 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)