The U.S. Senate confirmed two nominees of the President Barack Obama to the Federal Reserve Board on Thursday.

The Senate voted 74-21 to confirm the nomination of Jerome Powell, an attorney and former Treasury undersecretary in the Administration of George H.W. Bush, and 70-24 to confirm Jeremy Stein, a Harvard University economist.

The two newly approved nominees were picked by the President Obama to fill the Fed's Board vacancies in December 2011 and garnered enough bipartisan support.

"We are pleased that Members of Congress from both parties have come together to confirm Jay Powell and Jeremy Stein as members of the Board of Governors of the Federal Reserve System," the White House said in a statement.

"Today's broad bipartisan vote in the Senate reflects their deep knowledge of economic and monetary policy, as well as their distinguished backgrounds and unique experience," the statement said.

The Federal Reserve board is supposed to have 7 voting members, but the last time all of the seats were filled was in 2006.

The members of the Board of Governors are nominated by the President and confirmed by the U.S. Senate. They are the central bank's highest ranking officials. The full term of a governor is 14 years.