If confirmed by the Senate, the picks allow Trump to further mold the central bank leadership to his liking.
The Fed board now has only three serving members, two of whom are Trump appointees, allowing him the unprecedented opportunity to select all but one of the board's seven members.
Clarida's research at Columbia focuses on macroeconomics and monetary policy, topics on which he also advises the asset management firm Pacific Investment Management Company.
Clarida would become the Fed's No. 2 official, filling a vacancy created when Stanley Fischer stepped down last October. In a statement released by the White House on Monday, the President is nominating Richard Clarida as Vice Chair and Michelle Bowman for an open Governor's position.
Bowman is now the Kansas State Bank Commissioner, the chief regulator for local banks and non-depository lenders.
Storm Irene to bring high winds and more rain
A status yellow warning has just been issued for eight countries across Ireland and we're not even surprised. The warning has been put in place from today until Tuesday at 9am.
The vice chairman of the Federal Reserve Board is one of seven members, or "governors", who comprise the Fed's governing body, which oversees all Federal Reserve banks.
She also has held positions at the Federal Emergency Management Agency and Department of Homeland Security as well as serving on the staff of former Republican senator Bob Dole.
The selection of Clarida, who received his doctorate in economics from Harvard, was viewed as a way to provide support for Powell, an attorney by training, who is the first non-economist to lead the Fed in almost four decades. He could face difficulty in the full Senate amid strong opposition from Democrats who have expressed unhappiness with Goodfriend's past support for moves that would limit the Fed's independence.
Dan Michael Berkovitz will be commissioner of the Commodity Futures Trading Commission, for the remainder of a five year term expiring April 13, 2023.
Berkovitz was CFTC general counsel from 2009 to 2013, immediately following the financial crisis, and now serves at the powerful global law firm WilmerHale.