Power converters that use bi-directional switches to rectify an AC power source, rather than diode bridges, are provided. In additional to performing rectification, the bi-directional switches also control power flow through the power converter, i.e., the switches effectively implement a switching power supply to provide a desired DC voltage to a load. The use of bi-directional switches that can block current flow in either direction enables a power converter that uses minimal circuitry, has low conduction losses (high efficiency), and can operate in buck and boost modes. Furthermore, via appropriate control, the described power converter circuitry may be used both for converting from AC voltage to DC voltage, and from DC voltage to AC voltage.