Our Commitment to Diversity & Inclusion
“The Federal Reserve System is committed to fostering diversity in its procurement process by encouraging the participation of minority and women-owned businesses and awarding a substantial share of contracts to such businesses. Many of these are small businesses, and we recognize the vital role that small businesses play in contributing to the economic growth and development of the communities we strive to serve. Supporting small and diverse businesses is important because it helps the Fed fulfill its mission of promoting a healthy economy.”
The Federal Reserve Banks are committed to a diverse and inclusive work environment. This commitment extends to the procurement of goods and services. We recognize that diverse businesses invigorate the economy, create sustainable jobs and positively contribute to the Fed’s Mission to foster a strong economy. Accordingly, we recognize the importance of a diverse supplier base and are committed to building meaningful business opportunities with suppliers who are representative of the communities that we serve.
The Federal Reserve Banks utilize qualified small, minority-owned, women-owned, veteran-owned, LGBT-owned, service disabled, veteran-owned, and historically underutilized businesses and align with the provisions of Section 342 of the Dodd-Frank Act. It is the Fed’s policy to provide diverse suppliers equal opportunity to compete for acquisitions through a competitive bid process. Ensuring diverse supplier inclusion in its acquisition and contracting process allows the Fed to broaden its access to innovative products and services while promoting economic and community development. Competition drives positive business results, fosters competition and innovation while advancing diversity and inclusion strategies.