Board of Governors FAQs
Q. Does the Board have a procurement/ supplier diversity website where I can obtain information?
A. Yes, the Board has a procurement/ supplier diversity website. Visit our website and register your company.
Q. What will be the term for any contract that may be awarded?
A. Most Board contracts are awarded for one base year with four additional option years.
Q. Our company is already registered through the System for Award Management (SAM). Do we still
need to register our company with the Board?
A. Yes. The Board supplier database is not linked to SAM; therefore, it is necessary for you to complete the Board’s on-line registration process to be included in our vendor database.
Q. Does the Board follow the Federal Acquisition Regulations (FAR)?
A. The Board is not subject to the FAR.
Q. Is it necessary for our company to have a General Services Administration Supply schedule to do
business with the Board?
A. No. The Board’s acquisition policy allows a contracting officer to purchase supplies and services listed on the GSA schedule without further competition, but there are other ways to obtain Board contracts that do not require a contractor to be included on the GSA schedule.
Q. What is the structure of the Federal Reserve System when it comes to procurement?
A. The Board of Governors is a federal agency and is the head of the Federal Reserve System, the nation’s central bank. The System also includes 12 regional Federal Reserve Banks. The Federal Reserve Banks conduct procurement activities separate from the Board of Governors. For more information, see Reserve Banks' procurement programs.