"Dina Powell is a tremendous talent and has a stellar record of public service as well as a great career in the private sector," Trump was quoted as saying in the press release.
Powell is currently the global head of impact investing at the financial giant Goldman Sachs and president of the Goldman Sachs Foundation.
It is expected that Powell will place new efforts around entrepreneurship, small business growth and the global economic empowerment of women, the press release noted.
"The Trump administration has a unique opportunity to unleash the untapped potential of small business owners and female entrepreneurs and by working together with the public and private sectors we can ensure they continue to be a critical part of growing the economy and creating jobs," Powell was quoted as saying in the press release.
Trump added he was proud to have Powell serve as a senior counsellor in his administration.