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. 
How to Become a Supplier
If your company is interested in becoming a potential supplier for a Federal Reserve Bank, you are invited to enroll through our Supplier Engagement Portal Ariba External Supplier Request. Upon completion of enrollment, your company profile will be accessible to Federal Reserve Bank procurement staff when identifying qualified suppliers. You may be contacted when procurement opportunities arise that align with your product or service offerings.
Completion of the enrollment process does not guarantee an invitation in competitive bidding opportunities. It also does not establish or imply the existence of any procurement relationship with the Federal Reserve Banks, either now or in the future. Individual Reserve Banks may require separate registration and due diligence reviews before doing business with any potential supplier.
Supplier Requirements
- The Federal Reserve Banks partner with highly qualified suppliers capable of delivering optimal comprehensive solutions that meet our procurement requirements.
- Examples of Bank purchases include, but are not limited to:
- Consulting and Training Services
- General Construction Services
- Building Maintenance Services/Supplies
- Mechanical Equipment/Maintenance (HVAC, pumps, cooling towers, etc.)
- IT Services/Suppliers
- Audio Visual Services
- Janitorial Services
- If the types of goods or services your company provides are a fit for the Federal Reserve Banks, create a profile in the Supplier Engagement Portal Ariba External Supplier Request.
- Answer all relevant questions about your company. Keep your responses brief while still covering all important information.
What are the next steps after I express interest in being a supplier?
We carefully review all submissions. While we may not have an immediate opportunity, we will contact you when a suitable match arises. Please feel free to reach out periodically to inquire about opportunities or update your information.
How do I learn about upcoming procurement opportunities?
We do not publicly post our procurement opportunities. When an acquisition arises that matches your company’s qualifications, you may be contacted for more information or for consideration.
How can I get in touch with a District contact directly?
We do not provide direct contact information for sourcing professionals or buying departments. Using information from the Supplier Engagement Portal Ariba External Supplier Request, sourcing professionals work collaboratively with end-user staff to identify suppliers with the requisite capabilities and expertise for a particular acquisition. When an acquisition arises that matches your company’s qualifications, we may contact you for more information or consideration at that sourcing event.
For questions, please email us at
ny.fed.supplierengagement@ny.frb.org.
