Clinton Y2K Adviser Terms Glitch Chronic
(11/05/99, 6:51 a.m. ET)
By Reuters
President Clinton's chief adviser on
the Year 2000 technology glitch
warned the nation Thursday that Jan.
1 would not mark the end of
Y2K-related concerns.
At the same time, a working group led by the
Treasury Department voiced concerns about
the Y2K readiness of key public and private
institutions and the infrastructure of many
countries including China, India and Russia.
The President's Working Group on Financial
Markets cited concerns about small- to
medium-sized enterprises worldwide, including
in the United States, and about ''the financial
sector in several small European markets'' that
it did not name.
''One risk is the potential for a 'domino'
systemic effect brought about by significant
disruptions to these groups because of the
Y2K rollover,'' said the working group, which
consists of the Treasury, Federal Reserve
Board of Governors, the Office of the
Comptroller of the Currency, the Securities
and Exchange Commission and the
Commodity Futures Trading Commission.
Many of the countries that are least prepared
for the Year 2000 are important energy
exporters, said the report, prepared at the
request of Rep. John Dingell of Michigan, the
ranking Democrat on the House Commerce
Committee.
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