[Congressional Record Volume 144, Number 111 (Friday, August 7, 1998)]
[Extensions of Remarks]
[Pages E1635-E1636]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


         INTRODUCTION OF THE YEAR 2000 READINESS DISCLOSURE ACT

                                 ______
                                 

                           HON. ANNA G. ESHOO

                             of california

                    in the house of representatives

                         Friday, August 7, 1998

  Ms. ESHOO. Mr. Speaker, today my colleague, Representative Dreier and 
I introduced the ``Year 2000 Readiness Disclosure Act.'' Its purpose is 
to help solve the Year 2000 computer problem. Billions of computer 
chips are in devices from telephones to oil rig valves, and billions of 
lines of software code now run computer systems we rely on for issuing 
paychecks to operating traffic signals. Now we are faced with the 
threat these devices and systems may not operate because they cannot 
read the number 2000 as a year.
  The challenge to solve the so-called ``Y2K'' problem is an incredibly 
complex process in our interconnected world. Each of us has a stake in 
all of us succeeding. After all, if a business that issues paychecks or 
another that operates our elevators fixes its Y2K problems, what will 
be accomplished if the electricity needed by those businesses cannot be 
delivered or transit systems cannot provide transportation for the 
employees of those businesses?
  Solving this problem means that every company must make available as 
much information as is possible, as soon as possible, so that others 
can use it to meet the threat present in the Y2K problem. 
Unfortunately, current law provides an opportunity to file frivolous 
lawsuits against those providing this information and subject them to 
costly litigation. Consequently, these Y2K ``Good Samaritans'' are 
reluctant to provide vital information because of the litigation they 
may have to endure.
  This bill will give companies the freedom to disclose Year 2000 
readiness information to

[[Page E1636]]

help all of us deal with this unique crisis, without penalizing them 
for their efforts. With January 1, 2000 fast approaching, more 
information rather than less--shared sooner rather than later--may be 
the difference between inconvenience and disaster.
  I am pleased to see the Administration has proposed similar 
legislation to address this issue. It is a worthy effort, although it 
may fall short in some areas. For example, the Administration bill 
protects statements that are good-faith mistakes but does not include 
protection for statements shown to be true. The bill introduced today 
by myself and Mr. Dreier will protect all Year 2000 disclosure 
statements, giving companies incentives to provide more information, 
not less.
  Mr. Speaker, I hope we can quickly pass this timely legislation 
during this Congress, and I look forward to working with the 
Administration and others on this important issue. Also, I welcome 
suggestions on how we may improve the legislation introduced today. The 
Y2K challenge is extensive and the stakes are very high. I believe the 
legislation we have introduced here today is a critical step in 
successfully meeting that challenge.
  I hope my colleagues will join me and Mr. Dreier in supporting this 
bill.

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