This is common mullein (Verbascum thapsus). It is a very common, introduced, biennial in Michigan. As a biennial, the plant spent its first year as a low growing rosette and now in its second year it has produced upright growth, flowers, and eventually seeds. Once it produces seed the original plant will die. New plants are expected to emerge from the seeds over the next several growing seasons.

There are no herbicide options to control common mullein in a clover crop. Selective herbicides generally only work when you have a broadleaf weed in a grass crop, or vice versa.

These plants can be dug out. Common mullein has a taproot and no underground runners or rhizomes, which makes removal easier than some other plants. This can of course be challenging depending on the scale of the problem. Mowing, weed whacking, or cutting the field for hay prior to flowering could help reduce seed production and the population density over time. 

According to South Dakota State University, common mullein is not toxic to cattle. They will eat it and may even select for it when it is in flower (https://extension.sdstate.edu/cows-eat-weeds). The US Forest Service notes that cattle may avoid it or that is a poor forage (https://www.fs.usda.gov/database/feis/plants/forb/vertha/all.html) , but there are no comments from any source I could find saying it has been found to be toxic to livestock. As this is not my area of expertise, I always recommend consulting your veterinarian if you are in doubt. 

Please let me know if you have any additional questions.