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Technology Stocks : Discuss Year 2000 Issues

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To: John Mansfield who wrote (2513)	9/2/1998 9:56:00 AM
From: Ken Salaets	Read Replies (1) of 9818

Washington Update -- There will be a meeting on Capitol Hill today to try to iron out the final details on legislative language for a Senate Y2K disclosure bill, presumably to be introduced by Sens. Hatch and Leahy. Reportedly, John Koskinen will also attend the session. The principle negotiators are the NAM Y2K industry coalition on one side, and Bell Atlantic and GTE (i.e., Bell Atlantic) on the other. The telecom companies drafted the Administration's bill (now S. 2392 and H.R. 4355), and according to some, appear more intent on protecting their right to sue than trying to draft legislation that will motivate businesses to share/disclose Y2K-related information. Many are dumbfounded as to why the Senate is insisting that the NAM group, which represents 90+ percent of the business community, compromise with what will soon be a single phone company. If Congress fails to pass a meaning bill before it recesses in October (i.e., there are rumblings of a possible lame duck session after the elections), the finger pointing will likely get vicious. There will be no point in considering similar legislation in 1999, because it will simply be too late. Ken

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