Board of Governors of the Federal Reserve System

Supplier Diversity

Message from the Chairman:

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.

Jerome H. Powell
Chairman of the Board of Governors of the Federal Reserve System

Supplier Diversity Program Overview

The Board is committed to the fair inclusion of diverse suppliers in its procurement activities. We actively seek to foster business relationships with diverse suppliers who offer high-quality goods and services with competitive pricing and premium customer service. The objectives of the Supplier Diversity Program are to

• promote the inclusion of, and maximize procurement opportunities for, diverse suppliers throughout the Board; and
• ensure that the Board's supplier selection processes encourage and support the participation of diverse suppliers, giving them the tools to compete successfully in the Board's acquisition process.

The Board is committed to meeting the objectives of the Supplier Diversity Program and ensuring compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act by:

• seeking new and innovative methods to include diverse suppliers in the Board's acquisition process;
• providing technical assistance and training to diverse suppliers;
• conducting capacity-building programs to increase the ability of diverse suppliers to compete in the Board's acquisition process; and
• hosting and attending outreach and education programs.
   

Outreach

The Board has taken proactive steps to increase the participation of diverse suppliers in its acquisition process by implementing a plan that is focused on:

• forging relationships with local, regional, and national advocacy groups representing diverse suppliers;
• creating an opportunity for diverse suppliers to register their companies as potential suppliers to the Board; and
• identifying diverse suppliers who meet the Board's need for high-quality goods and services.

As part of the Board's commitment to supplier diversity, the Board hosts an annual Vendor Outreach Fair. The fair is designed to provide suppliers an opportunity to meet with the Board's technical and procurement representatives to market their products and services and to provide suppliers with comprehensive information regarding the Board's purchasing needs. In addition, the fair includes a capacity-building session titled, "How to Do Business with the Board," which provides suppliers with key strategies for achieving success in contracting with the Board.

The Board also participates in events with organizations such as the National 8(a) Association, the National Center for American Indian Enterprise Development, the U.S. Hispanic Chamber of Commerce, the Women's Business Enterprise National Council, the National Minority Supplier Development Council, and the U.S. Pan Asian American Chamber of Commerce. These events promote the growth and development of diverse suppliers, and further enable the Board to identify additional diverse suppliers for business opportunities with the Board.

Please direct any inquiries about the Board's Supplier Diversity Program to:

Board of Governors of the Federal Reserve System
Marleitha G. Williams, Supplier Diversity Program Specialist
20th and C Streets, N.W.,
Mail Stop K-128
Washington, D.C. 20551
E-mail: Contact us form
Telephone: (202)785-6046

Business Classification Definitions

Minority. The term "minority" means an individual who falls within one or more of the following race and ethnic categories: Hispanic or Latino, Black or African American, Native Hawaiian or Other Pacific Islander, Asian, and American Indian or Alaska Native.

Minority-owned business. The term "minority-owned business" means a business that meets the following criteria:

(i) more than 50 percent of the ownership or control is held by one (1) or more minority individuals; and

(ii) more than 50 percent of the net profit or loss accrues to one (1) or more minority individuals.

Women-owned business. The term "women-owned business" means a business that meets the following criteria:

(i) more than 50 percent of the ownership or control is held by one (1) or more women;

(ii) more than 50 percent of the net profit or loss accrues to one (1) or more women; and

(iii) a significant percentage of senior management positions are held by women.

Veteran. The term "veteran" means a person who served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable.

Service-disabled veteran. The term "service-disabled veteran" is a veteran who has a disability incurred or aggravated in the line of duty in the active military, naval, or air service.

Veteran-owned business. The term "veteran-owned business" means a business that is at least 51 percent owned by one (1) or more veterans who control the management and operations of the business.

Service-disabled veteran-owned business. The term "service-disabled veteran-owned business" means a business that is at least 51 percent owned by one (1) or more service-disabled veterans who control the management and operations of the business.