Trump hinted at his reversal on the bank in media interviews earlier this week, signaling a shift from his position on the campaign trail. Bachus voted in 2012 to reauthorize the export agency.
Former Rep. Scott Garrett (R-NJ), who lost his 2016 bid for re-election, would be the new President of the Export-Import Bank, which helps foreign companies get the financing they need to buy USA products and exports.
In fiscal 2014, the bank's last fully operational year, it backed $27.5 billion in exports - somewhat less than 2 percent of the US total.
After expressing support for the Export-Import Bank, President Donald Trump made a decision to nominate a vocal critic to run the official export credit agency of the US government.
While most proponents of limited government were dismayed by Trump's decision to renege on his campaign promise to abolish the Ex-Im Bank, Garrett's appointment may well be the next best alternative. After overwhelming bipartisan support emerged to renew the bank's charter, which is needed for it to operate, conservatives blocked nominees to the board, preventing it from financing large exports like aircraft and power turbines.
"The Export-Import Bank's long legacy of crony capitalism has hurt the livelihoods and businesses of many Americans who don't get special treatment from this misguided government program", Garrett said in a 2015 statement.
In 2015, Trump called the bank's support "feather bedding", and said the benefits mainly went to "a few companies - and these are companies that can do very well without it".
He railed against the bank during a floor speech in October 2015, when Congress let the bank's charter expire after GOP infighting about whether it should be reauthorized. Congress also refused to change the quorum requirement.
Despite his history with the House Freedom Congress, Garrett also has ties to Wall Street, having chaired the powerful Subcommittee on Capital Markets and Government Sponsored Enterprises, which watches over financial institutions and the SEC.
Garrett, a resident of Wantage, served in the House of Representatives, representing the 5th District, which includes most of Sussex County and parts of Bergen, Passaic and Warren counties, from 2003 to 2017. He was defeated in 2016 by former Clinton aide Josh Gottheimer.
As it stands, only two of the five seats on the board are filled, after Senate Banking Committee Chairman Richard C. Shelby blocked President Obama's picks from receiving a vote. Sen. Mike Crapo, R-Idaho, could not immediately be reached for comment.