In December 2011, Powell was nominated to the Federal Reserve Board of Governors by President Barack Obama. He took office on May 25, 2012. In January 2014, he was nominated for another term, and, in June 2014, he was confirmed by the United States Senate in a 67-24 vote for a 14-year term ending January 31, 2028. His nomination was confirmed by the Senate on January 23, 2018 by a 85-12 vote.