If any other area wishes to acquire any of the goods and services listed above, it must obtain the concurrence of the officer in charge of the area listed above as formally authorized to acquire the item(s). Such acquisitions are also subject to requirements imposed by the contract representative authorized to determine if the acquisition of that item complies with the Bank's Small and Disadvantaged Business Program.

1. To implement Section 5.14 of Operating Bulletin No. 10, the following provisions shall be incorporated into contracts of more than $500,000 ($1,000,000 for construction contracts) that have subcontracting possibilities:

a. The Federal Reserve Bank of New York has a policy of
assisting small businesses and disadvantaged small
businesses in the performance of Bank contracts.

b. The contractor hereby agrees to carry out this policy in the awarding of subcontracts to the fullest extent

consistent with the efficient performance of this contract. The contractor further agrees to furnish to the Bank information demonstrating the contractor's compliance with this clause, upon request by the Bank.

c. As used in this contract, the term "small business" means a business qualifying as a small business concern under Section 3 of the Small Business Act (15 U.S.C. 632) and rules and regulations promulgated pursuant thereto, and the term "disadvantaged small business" means a small business-

(1) at least 51 percent of which is owned by one or more socially and economically disadvantaged individuals; or, in the case of any publicly owned business, at least 51 percent of the stock of which is owned by one or more socially disadvantaged individuals; and

(2) whose management and daily business operations are controlled by one or more such individuals.

(Over)

Appendix No. 3, revised June 19, 1991 to Operating Bulletin No. 10

Page 2

The contractor shall presume that socially and economically disadvantaged individuals include Black Americans, Hispanic Americans, Native Americans, Asian Pacific Americans, Subcontinent Asian Americans, and other minorities, or any other individual found to be disadvantaged by the Small Business Administration pursuant to Section 8 (a) of the Small Business Act.

d. Contractors acting in good faith may rely on written
representations by their subcontractors regarding their
status as either a small business or a socially and
economically disadvantaged small business.

Effect of this Appendix on previous Appendix

2.

This Appendix supersedes Appendix No. 3, dated January 1, 1986, to Operating Bulletin No. 10.

FEDERAL RESERVE BANK OF NEW YORK

NEW YORK, N. Y. 10045

AREA CODE 212 720-6173

E. GERALD CORRIGAN

PRESIDENT

April 16, 1992

To: Officers, Chiefs, Assistant Chiefs,

Supervisors, and Those in Equivalent Positions

In January, our board of directors reaffirmed the Bank's Equal Employment Opportunity (EEO) policy, reviewed the Bank's progress in 1991, and approved our affirmative action program for 1992. Attached is a copy of a booklet explaining the 1992 program, as well as our equal employment opportunity and affirmative action policies. Also, I want to draw your attention to the Bank's ongoing policies in this area and your responsibilities as management for maintaining a nondiscriminatory work environment free of racial or sexual harassment or hostility. Each of you should read this document carefully and ensure that you and members of your staff understand and comply with the underlying policies.

In the coming weeks, the Bank's Personnel officers will meet with senior officers throughout the Bank to review their plans for achieving group and function affirmative action goals for 1992 in the context of their overall staffing outlook.

Questions concerning any aspect of either the EEO policy or the affirmative action program should be directed to the Equal Employment Opportunity officers or officers in the Personnel function.

In January, our board of directors reaffirmed the Bank's Equal Employment Opportunity (EEO) policy, reviewed the Bank's progress in 1991, and approved our affirmative action program for 1992. Attached is a copy of a booklet explaining the 1992 program, as well as our equal employment opportunity and affirmative action policies. Also, I want to draw your attention to the Bank's ongoing policies in this area and your responsibilities as management for maintaining a nondiscriminatory work environment free of racial or sexual harassment or hostility. Each of you should read this document carefully and ensure that you and members of your staff understand and comply with the underlying policies.

In the coming weeks, the Bank's Personnel officers will meet with senior officers throughout the Bank to review their plans for achieving group and function affirmative action goals for 1992 in the context of their overall staffing outlook.

Questions concerning any aspect of either the EEO policy or the affirmative action program should be directed to the Equal Employment Opportunity officers or officers in the Personnel function.