[Congressional Record Volume 144, Number 151 (Wednesday, October 21, 1998)]
[Senate]
[Page S12891]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       THE 105TH CONGRESS AND Y2K

 Mr. MOYNIHAN. Mr. President, as we wind up the 105th Congress, 
I would like to commend Senator Bennett and the Special Committee on 
the Year 2000 (Y2K) Technology Problem for their work in addressing the 
computer problem. The Committee has done a fine job in looking at the 
impact of Y2K on all aspects of our critical infrastructure: the 
utilities industry, the health care sector, financial services, 
transportation, government, and businesses. The Committee should also 
be applauded for the role it played in formulating and passing S. 2392, 
The Year 2000 Information and Readiness Disclosure Act. As an original 
cosponsor of this piece of legislation, I am delighted to see that the 
President signed it into law yesterday. This bill should help us 
ameliorate the Y2K problem. I say well done to the Committee for all of 
the work it has done in such a short amount of time.
  Almost two and a half years ago, in the 104th Congress, I sounded the 
alarm on the computer problem. On July 31, 1996, I sent President 
Clinton a letter expressing my views and concerns about Y2K. I warned 
him of the ``extreme negative economic consequences of the Y2K Time 
Bomb,'' and suggested that ``a presidential aide be appointed to take 
responsibility for assuring that all Federal Agencies, including the 
military, be Y2K compliant by January 1, 1999 [leaving a year for 
`testing'] and that all commercial and industrial firms doing business 
with the Federal government must also be compliant by that date.''
  January 1, 1999 is quickly approaching. Progress has been made on the 
Y2K problem. The public and private sector are starting to give it the 
attention that it deserves. But much work remains to be done. As we 
head into the 106th Congress, we must continue to work on this problem 
with dedication and resolve.
  Historically, the fin de siecle has caused quite a stir. Until now, 
however, there has been little factual basis on which doomsayers and 
apocalyptic fear mongers could spread their gospel. After studying the 
potential impact of Y2K on the telecommunications industry, health 
care, economy, and other vital sectors of our lives, I would like to 
warn that we have cause for fear. For the failure to address the 
millennium bug could be catastrophic.

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