Vendor Information

The Bank's acquisition policy describes the processes used to meet the Bank's procurement objectives.

Formal competitive solicitation procedures are used for goods and services costing more than $100,000. Solicitations are made to prospective vendors through a request for proposals (RFP). The RFP includes a description of the acquisition; applicable product specifications; service requirements; contractual conditions; and the proposal evaluation criteria and their relative weights. Procedures for distribution of RFPs, submission and review of proposals, and vendor selection are designed to permit qualified vendors to participate and obtain for the Bank the benefits of competition.

The policy also defines exceptional circumstances that may warrant the use of procedures other than competitive solicitations. These include situations where a good or service is available from only one vendor, exigent circumstances that do not permit the use of a competitive solicitation, and for acquisitions made under an existing, centrally managed Federal Reserve contract that was entered into in accordance with the acquisition policy. In all cases, supporting documentation to describe the circumstance and justify the use of the exception procedure must be prepared and approved.

For smaller purchases, more streamlined acquisition procedures may be used. The Federal Reserve Act exempts Bank purchases from all federal, state, and local sales and use taxes. The Bank pays for goods and services by electronic deposit to a vendor's bank account, and also makes certain purchases using a purchase card.

The Bank's vendor management practices are designed to support effective risk management and to optimize service outcomes.

Vendors that are selected to do business with the Bank may be required to submit to a credit evaluation and to be subject to a background screening administered by the Bank. When addressing vendor management issues with outsourced service providers, the Bank applies a risk-based approach that ensures that the protections are employed that match the risks associated with the vendor. The risk-based approach entails, when appropriate:

• Including contract provisions to ensure that conflicts of interest are disclosed and addressed and that Bank information is safeguarded by the vendor;
• Including contract provisions dealing with oversight of subcontractors, business continuity, Bank review rights and other issues as appropriate;
• Conducting on-site reviews to monitor vendor compliance with these provisions; and
• Reviewing requests by the vendor for conflict-of-interest waivers and handling any unanticipated questions or issues that may arise during the course of the Bank's relationship with the vendor.

The Bank actively manages an outsourced service provider's performance to ensure that it meets the Bank's business needs and is in compliance with the terms and conditions of the contract, including Bank standards for operational controls, information security, and ethics. The Bank may also periodically review a vendor's overall responsibility, including capacity, creditworthiness and integrity.

Ethics
All Bank employees are held to a code of conduct that prohibits the acceptance of gifts, gratuities, entertainment, or meals from vendors or those seeking to be vendors. The code also restricts employees with potential conflicts of interest from participating in acquisitions, such as where an employee has a financial interest in a prospective vendor.

The Bank expects vendors to conduct business in a manner that would not cause any Bank employee to violate the Bank’s code of conduct or create the appearance of impropriety. The Bank also expects that vendors entrusted with the Bank’s confidential information will take the utmost care in handling that data as specified in vendor agreement. Lastly, the Bank requires that any vendor or vendor worker bring to the Bank’s attention any conflicts of interest that arise when the interests of a vendor or vendor worker may be in competition with those of the Bank.

For more information on the Bank’s vendor ethics rules, download our vendor ethics briefing.

Supplier Diversity
As a component of our commitment to diversity, equity, and inclusion, the New York Fed fosters supplier diversity by promoting an environment that provides all qualified suppliers with the opportunity to compete for the Bank’s business on a fair and equitable basis. We understand supplier diversity foments innovation, business agility, and expansion of our competitive pool. Through outreach, technical assistance, training, and policy, we strive for vendor relationships to reflect and strengthen the communities we serve. 

The New York Fed reports employment, contracting, and outreach diversity activities yearly in the Office of Minority and Women Inclusion (OMWI) Annual Report to Congress, as required by Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Our standards and procedures ensure, to the extent consistent with applicable law, the fair inclusion and utilization of minority-owned and women-owned businesses in our business and activities. The Bank expects our vendors to demonstrate a shared commitment to workforce and supplier diversity. Accordingly, service providers may be asked to detail efforts made to include minorities, women, and diverse suppliers in their workforce and spend.

Outreach and Technical Assistance
The New York Fed’s outreach efforts incorporate hosting and participating in external events and conferences to connect with diverse suppliers locally and nationally. Our goal is to maximize engagement and expand the pool of diverse vendors we may consider for procurement opportunities. We also maintain membership with advocacy organizations responsible for certifying and supporting diverse businesses to remain abreast of best practices and business needs.

Our technical assistance activities encompass leveraging the subject matter expertise of Bank personnel and our partners in areas related to business development and supplier diversity. Through these initiatives, we share best practices and facilitate capacity building.

Resources
Register as a supplier with the New York Fed by completing the Supplier Profile Input Form.

For questions, please email us at ny.fed.supplierdiversity@ny.frb.org.

Supplier registration and participation in our technical assistance initiatives do not guarantee an invitation to bid or a contract from the New York Fed. Below is a list of various business classifications we collect for informational purposes.

Business Classifications

Disability-Owned Business
A business at least 51 percent owned, operated, and controlled by a person with a disability.

HUBZone Business
Small Business Administration (SBA) certification for a small business with its principal office in a HUBZone and at least 35 percent of its employees living in a HUBZone. To qualify for HUBZone business certification, the business must be at least 51 percent owned and controlled by U.S. citizens, a Community Development Corporation, an agricultural cooperative, an Alaska Native corporation, a Native Hawaiian organization, or an Indian tribe.

LGBTQ-Owned Business
A business at least 51 percent owned, operated, and controlled by one or more LGBTQ individuals.

Minority-Owned Business
A minority-owned business must meet the standards set forth in the SBA's definition of a socially and economically disadvantaged business concern. This includes a business more than 50 percent owned, operated, and controlled by one or more Asian American, Black American, Native American, or Hispanic American individuals.

Small Business
A business independently owned and operated and not dominant in its field of operations. The size will vary based on industry as detailed in the SBA’s Table of Small Business Size Standards.

Small Disadvantaged Business
A small business, which is at least 51% owned and controlled by one or more socially and economically disadvantaged individuals.

Veteran-Owned Business
A business at least 51 percent owned, managed, and controlled by one or more veterans.

Service-Disabled Veteran-Owned Business
A business that is at least 51 percent owned and operated by one or more veteran who has a disability incurred or aggravated in the line of duty in the active military, naval, or air service.

Woman-Owned Business
A business more than 50 percent owned, managed, and controlled by one or more women, with a significant percentage of senior management positions held by women.

If you are interested in registering with the Bank as a potential vendor, please complete the Supplier Profile Input Form.

The New York Fed is making available the agreements related to the emergency facilities authorized by the Board of Governors of the Federal Reserve System and approved by the Secretary of the Treasury that the New York Fed has specifically been tasked with implementing in response to the Covid-19 global pandemic. As short-term vendor relationships are revisited in the coming months, the Federal Reserve will look to include a broader set of firms, including minority-, women-, and veteran-owned business entities, in the various roles supporting the facilities.

We recognize the importance of transparency, and will continue to post materials promptly.

The reporting below reflects fees approved for payment to the vendors supporting the New York Fed in its implementation of the emergency facilities authorized by the Board of Governors of the Federal Reserve System and approved by the Secretary of the Treasury in response to the Covid-19 global pandemic. The agreements with these vendors are included at the links above. Recognizing the importance of transparency, we will continue to update and release this report on a quarterly basis.

Quarterly Reports
June 30, 2024	Posted
March 31, 2024	Posted
December 31, 2023	Posted
September 30, 2023	Posted
June 30, 2023	Posted
March 31, 2023	Posted
December 31, 2022	Posted
September 30, 2022	Posted
June 30, 2022	Posted
March 31, 2022	Posted
December 31, 2021	Posted
September 30, 2021	Posted
June 30, 2021	Posted
March 31, 2021	Posted
December 31, 2020	Posted
September 30, 2020	Posted

 

Additional Information

Acquisition Policy (OB 10)
Code of Conduct
18 U.S.C. Section 208

In response to the financial crisis that emerged in the summer of 2007, the New York Fed implemented a number of programs to support the liquidity of financial institutions and foster improved conditions in financial markets as part of the Federal Reserve's aggressive efforts. For vendor information connected to those programs, please visit an archive of this page, which is also available in our Programs Archive.

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