Bowman, the first woman to serve as the top banking regulator in Kansas, would fill a spot on the Fed board that is reserved for a community banker or a regulator of community banks.
Clarida will serve as the vice chairman of the Fed for a four-year term, according to a statement released by the White House on Monday, Xinhua news agency reported.
President Donald Trump has selected Columbia University professor Richard Clarida to be vice chairman of the Federal Reserve and Kansas bank commissioner Michelle Bowman to fill another vacancy on the Fed's seven-member board.
A contender to be named vice chair of the U.S. Federal Reserve, Richard Clarida, managing director at Pacific Investment Management Co., (PIMCO), appears in this handout photo provided March 1, 2018.More news: Treatment combo improves lung cancer survival times, study finds
The moves are the latest ways Trump is seeking to reshape the Federal Reserve, which has seen a high level of turnover in the past two years. Since joining PIMCO in 2006, Dr. Clarida has assessed and analyzed global monetary and fiscal policy trends to inform the firm's investment process, and he has also worked extensively with and served as a trusted adviser to the firm's many central bank and sovereign wealth fund clients.
Goodfriend's nomination won narrow approval on a 13-12 vote in the Senate Banking Committee in February.
"Clarida should help to ensure continuity of the sure-handed leadership that markets have grown accustomed to in recent years, something that could prove valuable if the economy enters a downturn", the economists wrote.
Pres. Trump is also nominating Dan Berkovitz as Commissioner of the Commodity Futures Trading Commission (CFTC). Berkovitz is a partner and co-chair of the futures and derivatives practice at the law firm of WilmerHale. The position is reserved by Congress for a community banker or a regulator of community banks.