[Congressional Record Volume 144, Number 50 (Wednesday, April 29, 1998)]
[Senate]
[Page S3784]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BENNETT:
  S. 2000. A bill to ensure that businesses, financial markets, and the 
Federal Government are taking adequate steps to resolve the year 2000 
computer problem; to the Committee on Governmental Affairs.


                 year 2000 computer problem legislation

  Mr. BENNETT. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                S. 2000

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. FIDUCIARIES OF EMPLOYEE BENEFIT PLANS MUST 
                   CONSIDER YEAR 2000 COMPUTER PROBLEMS IN MAKING 
                   INVESTMENT DECISIONS.

       (a) In General.--Section 404(a) of the Employee Retirement 
     Income Security Act of 1974 (29 U.S.C. 1104(a)) is amended by 
     adding at the end the following new paragraph:
       ``(3) A fiduciary shall not be treated as meeting the 
     requirements of paragraph (1)(B) unless--
       ``(A) the fiduciary determines that--
       ``(i) the issuer of any security in which the fiduciary 
     seeks to invest the assets of the plan has, or is taking, 
     steps to substantially eliminate any year 2000 computer 
     problem faced by the issuer, and
       ``(ii) such security is traded on a market that is prepared 
     to operate without any interruption due to the year 2000 
     computer problem, or
       ``(B) in any case where such assets are invested by an 
     insurance carrier, bank, or similar institution, the 
     fiduciary determines that such institution makes the 
     determinations described in subparagraph (A) with respect to 
     the investment of such assets.''
       (b) Effective Date.--The amendment made by this section 
     shall apply to investments made by a fiduciary, and contracts 
     to invest plan assets entered into with insurance carriers, 
     banks, and similar institutions, on or after the date of the 
     enactment of this Act.

     SEC. 2. STEPS TO ENSURE THE FEDERAL GOVERNMENT ADDRESSES YEAR 
                   2000 COMPUTER PROBLEM.

       (a) President's Council on Year 2000 Conversion.--
       (1) In general.--The President shall establish the 
     President's Council on Year 2000 Conversion (the ``Council'') 
     which shall be chaired, at the President's discretion, by an 
     Assistant to the President.
       (2) Membership.--
       (A) In general.--The Council shall be composed of 1 
     representative from each of the executive departments and 
     from such other Federal agencies as the Chair shall 
     designate.
       (B) Vice chair; other personnel.--The Chair shall appoint a 
     Vice Chair and shall assign other responsibilities to members 
     of the Council as the Chair determines necessary.
       (3) Functions.--The Chair shall--
       (A) oversee the activities of executive departments and 
     other Federal agencies to assure that their computer systems 
     operate smoothly through the year 2000,
       (B) provide policy direction to, and receive reports and 
     data from, executive departments and other Federal agencies, 
     as is necessary to ensure progress and compliance with 
     Federal standards for remediation of the year 2000 computer 
     problem,
       (C) allocate resources for correcting critical year 2000 
     computer problems among executive departments and other 
     Federal agencies in order to meet critical deadlines, and
       (D) utilize any existing authorities granted to the 
     executive branch, or recommend to the Congress other 
     appropriate plans, for the retention of critical personnel 
     needed to address the Federal Government's year 2000 computer 
     problem in a timely manner.
       (4) Cooperation.--The head of each executive department and 
     any other Federal agency shall cooperate to the fullest 
     extent with the Council.
       (b) Report.--The Director of the Office of Management and 
     Budget shall report quarterly to the Congress on the progress 
     made by the Federal Government--
       (1) in achieving year 2000 compliance, and
       (2) in obtaining and retaining the resources and personnel 
     necessary to achieve an orderly conversion to year 2000 
     compliance.
                                 ______