Trump to announce Richard Clarida as Fed vice chair today - report
Clairda has long been rumored as the choice and now it's almost official, according to a WSJ report.
However, he will also name Michelle Bowman as a governor. Bowman is a banking regulator in Kansas City.
Both nominations would be subject to Congressional approval.
Bowman would fill a spot on the seven-member Fed board reserved for a community banker or regulator of community banks. Congress designated the community banker seat in 2014.
Bowman's family owns Farmers & Drovers Bank in Council Grove, Kansas, according to the WSJ and she has been a vice-president since 2010.