Procurement Functions

Local Procurement

Our local procurement function facilitates the acquisition of goods and services necessary for the daily operation of the Bank, including its branches in Baltimore and Charlotte, and for the successful completion of its strategic initiatives.

National Procurement

The Federal Reserve Bank of Richmond, along with the other 11 Reserve Banks in the Federal Reserve System, is supported by the National Procurement Office (NPO). The NPO is a procurement function within the Bank that develops and executes national contracts for certain goods and services that, when sourced collectively, provide the best value for multiple Reserve Banks.

Information Technology Procurement

Federal Reserve Information Technology (FRIT) is a national IT service provider within the Bank that provides operational and project services, enterprise IT architecture and standards services, and enterprise information security policy and assurance services throughout the Federal Reserve System. Its procurement function provides sources of supply for goods and services that meet FRIT's information technology standards.

Policy of Nondiscrimination in Contracting

The Bank does not discriminate on the basis of race, sex, color, religion, national origin, gender identity or expression, sexual orientation, age, genetic information, or disability in the solicitation, award or administration of contracts.

Dodd-Frank Act

The Bank complies with Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 in ensuring the fair inclusion of minority-owned and women-owned businesses in procurement.