Trump also intends to nominate Michelle Bowman, the Kansas bank commissioner, for a position on the central bank's board.
The United States Federal Reserve Board building is shown in Washington October 28, 2014.
If he is confirmed by the Senate, Clarida will replace Stanley Fischer, who announced his retirement in September after serving as vice chairman for about 3 1/2 years.
Clarida is an Economics Professor at Columbia University and Managing Director at the private banking firm PIMCO. Clarida will be the first Trump appointee to the board who possesses a doctorate in economics, a typical qualification for high-level positions within the Federal Reserve system.
Clarida served in the Treasury under a former president George W. Bush, and in Ronald Reagan's White House.
Trump previous year tapped Fed board member Jerome Powell to succeed Janet Yellen as Fed chairman.
There are still two more open board seats, and another of Trump's picks, Marvin Goodfriend, is still awaiting Senate confirmation despite a narrow approval by the Senate Banking Committee in February.
The council helps the Fed gather feedback and perspectives on a wide range of policy issues and responsibilities including banking supervision and regulatory compliance, systemic risk oversight and monetary policy decision-making and implementation of the Community Reinvestment Act (CRA).
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. Bowman now serves as the Kansas State Bank Commissioner, a position to which she was the first woman appointed and confirmed by the Kansas State senate.