Fed Updates Procurement Bid Package for Three Years
Published Date: 2/5/2025
Notice
Summary
The Federal Reserve Board is extending and updating its Procurement Solicitation Package for three more years starting March 7, 2025. This update helps the Board keep a smooth and fair process when asking suppliers to bid on goods and services. If you’re a supplier or involved in government contracts, these changes might affect how you submit proposals, but there’s no new cost impact announced.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Estimated Reporting Time and Burden Totals
The Board estimates 550 respondents and a total annual burden of 24,979 hours for the Procurement Solicitation Package. Average hours per response are: FR 1400B = 81 hours, FR 1400C = 7.6 hours, FR 1400A = 0.67 hours, FR 1400D = 0.7 hours, and FR 1400E = 0.45 hours; the total estimated change in burden is 27 hours.
Three-Year Extension of Procurement Package
The Federal Reserve extended the Procurement Solicitation Package (collection identifier FR 1400; OMB No. 7100-0180) for three years, effective March 7, 2025. Businesses and individuals who submit proposals to the Board will continue to use the package and its component forms (FR 1400A–FR 1400E) when bidding on goods and services.
New Contractor Conflict Screening Form
The Board added a new event-generated form called the Contractor Conflict of Interest Screening (FR 1400E). The FR 1400E will be used to screen potential contractors who would conduct research related to the Board's mission or who would have access to sensitive Board information to determine conflicts of interest.
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Key Dates
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