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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: John Mansfield who wrote (9906)	3/6/1998 8:10:00 PM
From: M. Frank Greiffenstein	Respond to of 13949

First y2k bill passed in Senate... .c The Associated Press WASHINGTON (AP) - Worried about year 2000 computer problems, the Senate voted Friday to give federal regulators of thrifts and credit unions new authority to monitor their computer vendors and those helping them deal with the headache. The Senate's action, coming on a voice vote, sent the legislation to President Clinton for his signature. The House unanimously approved the bill last week. Supporters say it will put the S&L and credit-union regulators on an equal footing with bank regulatory agencies such as the Federal Reserve, the Comptroller of the Currency and the Federal Deposit Insurance Corp. Legislative aides have said they believed it was the first time Congress had taken advanced action on a bill related to the increasingly nagging year 2000 problem. When the year changes from 1999 to 2000, many computers will interpret the date as 1900, potentially fouling, among other things, the distribution of government benefits. The heavily computerized financial industry is especially vulnerable to year 2000 glitches. Some experts are concerned that consumers could lose faith in the security of their banks, other financial institutions and the stock markets. Currently, thrift and credit union agencies have regulatory power only over their financial institutions, not their computer suppliers. ''I am pleased that my fellow senators have recognized the importance and urgent need for action in regard to the year 2000 problem,'' said Sen. Robert Bennett, R-Utah, who sponsored the bill with Sen. Christopher Dodd, D-Conn. Bennett said it would help ensure that ''our financial institutions can continue to function in a safe and sound manner after the millennial date change.'' Depositors' insured accounts are covered against any year 2000-related losses up to the legal limit of $100,000. The new bill is especially designed to help smaller, more vulnerable institutions, its supporters say. Ellen Seidman, director of the Office of Thrift Supervision, and Norman D'Amours, chairman of the National Credit Union Administration, said they needed the expanded authority to monitor their computer vendors and help them resolve year 2000 problems. In some cases, the regulators have said, the vendor companies have been uncooperative in addressing the problem. The bill also requires the government's financial regulatory agencies to conduct seminars for financial institutions on year 2000 problems and to provide model solutions. AP-NY-03-06-98 1905EST