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President Donald Trump is expected to announce two new nominations to the changing Federal Reserve under his administration. 

The president is expected to nominate Richard Clarida, a Columbia University economist, to the position of Fed vice chair. He is also expected to nominate Kansas bank commissioner Michelle Bowman to an open governor's position at the central bank, according to multiple media reports citing White House insiders. Both nominations had been rumored for months. 

Clarida, a Republican economist who specializes in monetary policy, would become the second-in-command to current Fed Chairman Jerome Powell if approved by the Senate. The position has been unfilled since Stanley Fischer left the post in October for personal reasons. 

Clarida has been a Columbia economics professor since 1988, including four years as the chair of the department. He is managing director and global strategic adviser at Pacific Investment Management Co. Prior to this expected nomination, Clarida was considered by the Obama administration for a seat on the Fed board in 2011, but he withdrew his name from the running.

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Bowman has served as Kansas bank commissioner since January 2017. If approved, she would join the Fed's  seven-member Board of Governors in the position reserved for a community banker or community bank regulator.

Clarida and Bowman's nominations come as President Trump tries to fill four vacancies at the Fed. Marvin Goodfriend, who the president nominated to a governor position in November, has been in limbo ever since the announcement was made, unable to make it past requisite Senate approval hearings.