WASHINGTON—President Donald Trump revealed his latest picks to fill empty seats on the Federal Reserve Board, saying Monday he would nominate Columbia University economist Richard Clarida as vice chairman and Kansas banking regulator Michelle Bowman as a governor.

Mr. Clarida is a Republican economist and monetary policy specialist. If confirmed by the Senate, he would serve as the No. 2 to Fed Chairman Jerome Powell, who began a four-year term in February.

Ms. Bowman has been Kansas’ bank commissioner since January 2017. She 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.

Both picks illustrate how Mr. Trump, in reshaping the Fed board, has opted against nominating outspoken critics of the central bank, which he repeatedly criticized during the 2016 election campaign.

Mr. Clarida is managing director and global strategic adviser at Pacific Investment Management Co. and since 1988 has been an economics professor at Columbia, including four years as department chair. He is well regarded by economists on both sides of the aisle.