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PROCUREMENT FAQs

The Bank’s mission is to serve the public by fostering the stability, integrity and efficiency of our nation's monetary, financial and payments systems. We believe that the Bank’s support of small, minority?owned, women?owned, and other diverse businesses contributes to our mission because these organizations play a vital role in the economic well?being of our communities. Supplier diversity is an important aspect of our overall efforts to strengthen the economy and improve our communities.

Supplier diversity development also supports our vision of being an innovative policy and services leader for America’s economy, advances our widely acknowledged and respected diversity and inclusion practices, and enables us to deliver the best overall solutions to our constituents. Engaging a diverse pool of highly qualified suppliers better enables us to reduce costs through increased competition, deliver high quality products and services to constituents, produce innovative and flexible solutions, provide enhanced customer service, streamline processes, and mitigate risk of supply chain disruptions.

Additionally, in 2010, the U.S. Congress enacted the Dodd?Frank Wall Street Reform and Consumer Protection Act (“Dodd?Frank Act” or the “Act”). Section 342 of the Dodd?Frank Act requires several regulatory agencies, including all Federal Reserve Banks and the Federal
Reserve Board of Governors (“Board”), to establish an Office of Minority and Women Inclusion (“OMWI”) to oversee all matters relating to diversity in management, employment, and business activities. This provision includes requirements to develop and implement standards and procedures to ensure, to the maximum extent possible, the fair inclusion of minority and women?owned businesses in all activities, including procurement, insurance, and all types of contracting.

If your company is interested in competing to provide goods or services for the Federal Reserve System, register as a supplier via the online registration tool. If you are interested in becoming a supplier for the Board, or want to learn more about their unique procurement needs, visit their website, Doing Business at the Board.

Completing the online registration does not guarantee that your company will receive an invitation to bid or be awarded a contract. Completion of the online registration also does not imply that your company has any type of procurement relationship with a Federal Reserve Bank or the Board, either now or in the future. Registration will bring your company’s capabilities to the attention of our National, Local, and Information Technology procurement staff whose role is to match supplier capabilities with specific Federal Reserve Bank acquisition activities.

We consider a number of criteria when determining whether a supplier is a good fit for a particular procurement event. In addition to the ability to provide the requested product or service at a competitive price, the Bank may consider any or all of the following criteria,
depending on the specific requirements for the product or service being acquired:

  • Confidentiality
    • Due to the nature of our work, suppliers must adhere to the Federal Reserve Bank’s confidentiality obligations, comply with nondisclosure agreements, and return technical documents as requested.
  • Cost Savings and Process Efficiencies
    • We appreciate suppliers who continuously look for ways to help us lower our costs or improve operational efficiencies.
  • Customer Focus
    • We value suppliers that are highly responsive and rigorously committed to exceptional customer service.
  • Established Business and References
    • We generally look for established suppliers that have a proven track record in their industry. An ability to provide references from previous clients for which the supplier has performed similar work is preferred.
  • Financial Stability
    • We often request and review financial statements and other similar reports in the process of determining whether a supplier has an acceptable credit rating and is financially stable.
  • Innovative Business Solutions
    • We are looking for suppliers that can offer value added creative, innovative, solutionsoriented approaches to our procurement requirements.
  • Insurance Requirements
    • Suppliers must maintain and provide proof of insurance coverage compatible with the risks of their business. Each Federal Reserve Bank will determine the insurance coverage required, including the method and frequency for verifying coverage.
  • Safety
    • Suppliers of contract services involving potential employee safety or loss prevention should have a competitive Experience Modification Rate (EMR) or equivalent safety metric, as well as an established safety program.
  • Security
    • Supplier and Supplier’s employees, including subcontractors, agents, etc., working on Federal Reserve Bank premises must pass a criminal background check before being allowed on premises. Depending on the nature of the work, additional background screening may be required. Each Federal Reserve Bank may conduct its own security screening.
  • Technology and E-Commerce
    • Suppliers that are adept with current technologies, have a web presence, and are able to receive and respond to bids and proposals electronically may enjoy a competitive advantage when seeking to do business with a Federal Reserve Bank.
  • Terms and Conditions
    • We require suppliers to accept our standard contract terms, including a commitment to equal opportunity in employment and contracting.
  • Certifications
    • If your company has any third party certifications, we require copies to be electronically
      uploaded in the registration tool.

We promote diversity growth in our supplier base through the following process:

  • Working with sourcing specialists to identify upcoming procurement opportunities.
  • Identifying suppliers that meet high quality standards.
  • Screening identified suppliers to determine whether a match exists between suppliers' capabilities and the Federal Reserve Bank’s business criteria and requirements.
  • Referring the identified suppliers to the applicable business contacts to be considered for inclusion in a relevant procurement opportunity.

Our purchasing community locates responsible suppliers, manages the acquisition process, analyzes proposals, and negotiates contracts in compliance with Federal Reserve System policies and guidelines. We award contracts to responsive suppliers that offer the best total value in terms of price, timeliness, quality availability, and service. Competitive proposals and bids are issued through our e-procurement tool and often require that a supplier’s proposal or bid be submitted electronically.

Successful bidders must:

  • Be responsive to the bid’s requirements;
  • Have the skill, ability, integrity, and financial and other resources necessary to complete
    those bid requirements; and
  • Be able to provide the best overall solution.

Minority-owned business
At least 51 percent owned, managed, and controlled by one or more African Americans, Hispanic Americans, Native Americans, Asian Indian Americans, or Asian Pacific Americans. Acceptable certifications are provided by the National Minority Supplier Development Council and by federal, state, and local governments.

Women-owned business
At least 51 percent owned, managed, and controlled by one or more women. Acceptable certifications are provided by the Women's Business Enterprise National Council, the National Women Business Owners Corporation, and by federal, state, and local governments.

Small business enterprise
Independently owned and operated and not dominant in its field of operations. The size will vary from industry to industry and is defined by the Small Business Administration.

Small disadvantaged business
At least 51 percent owned by one or more individuals who are both socially and economically disadvantaged. This category can include a publicly owned business that has at least 51 percent of its stock owned by one or more socially and economically disadvantaged individuals and whose management and daily business are controlled by one or more such individuals.

8(a)
Small disadvantaged businesses that are certified as 8(a) by the Small Business Administration.

HUBZone business
Small business operating in a historically underutilized business zone owned and controlled by one or more U.S. citizens where at least 35 percent of its employees reside in a HUBZone. HUBZone businesses must be certified by the Small Business Administration.

Veteran-owned business
At least 51 percent owned, managed, and controlled by one or more veterans.

Service-disabled veteran-owned business
At least 51 percent owned, managed, and controlled by one or more individuals with a service-related disability.