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