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Board of Governors Procurement
For information about procurement at the Board of Governors, please click here.
Federal Reserve Bank Procurement
Each Federal Reserve Bank is a separate legal entity and processes acquisitions according to the guidelines adopted by that Reserve Bank. Federal Reserve Banks are not authorized to use the General Services Administration’s federal supply schedules.
The Federal Reserve Banks have agreed to a procurement framework intended to foster the acquisition of quality goods, services, and construction at the most favorable terms through competition. Generally, acquisitions valued at less than $35,000 may be made without obtaining competitive quotations or proposals. Acquisitions for goods and services valued at more than $35,000 but not more than $250,000 generally require the solicitation of bids from at least three suppliers. Acquisitions valued at more than $250,000 are generally bid through a formal Request for Proposal (RFP) process.
How to Become a Supplier
If your company is interested in being considered as a potential supplier for a Federal Reserve Bank, register today through our online registration tool. You will receive an email confirmation when your registration has been completed. Once you register electronically, Federal Reserve Bank staff will be able to view your information and capabilities when searching for potential suppliers. You may be contacted as procurement opportunities that match the products or services you provide become available.
Completing registration does not guarantee that your company will receive an invitation to bid or a contract. Nor does it imply that your company has any type of procurement relationship with the Reserve Banks, either now or in the future. In addition, a Reserve Bank may require a separate registration and due diligence reviews before doing business with any potential supplier.
Each Federal Reserve Bank has a procurement function. The Federal Reserve Bank of Richmond has two additional specialized procurement functions.
Federal Reserve Bank of Richmond - National Procurement Office
The National Procurement Office (NPO) is a procurement function within the Federal Reserve Bank of Richmond that develops and executes national contracts for certain goods and services that, when sourced collectively, provide the best value for multiple Federal Reserve Banks.
Federal Reserve Bank of Richmond – Federal Reserve Information Technology
Federal Reserve Information Technology (FRIT) is a national IT service provider within the Federal Reserve Bank of Richmond that provides operational and project services, enterprise IT architecture and standards services, and enterprise information security policy and assurance services to the Federal Reserve Banks. Its procurement function provides sources of supply for goods and services that meet FRIT’s information technology needs.
Supplier Diversity Outreach Program
The Federal Reserve Banks are committed to providing qualified, responsible, and diverse suppliers—including large, small, minority-owned, and women-owned businesses—with an equal opportunity to compete for contracts. Each Federal Reserve Bank has adopted a policy statement with respect to nondiscrimination. The Reserve Banks do not discriminate on the basis of race, sex, color, religion, national origin, age, disability, or genetic information in the solicitation, award, or administration of contracts. The Reserve Banks also assess the good faith efforts of certain suppliers to achieve workforce diversity and may require a supplier to provide information concerning its efforts to achieve diversity in its workforce. Any questions or requests for additional information about a Reserve Bank’s nondiscrimination policies may be directed to the Office of Diversity and Inclusion of the appropriate Reserve Bank.
The Federal Reserve Banks participate in vendor fairs, use supplier databases to search for qualified supplier candidates, and hold memberships in organizations that support diversity initiatives. Visit the procurement vendor fairs and conference events listing page to see upcoming events in which the Reserve Banks will be participating.