    [Public Papers of the Presidents of the United States: William J. Clinton (1998, Book I)]
    [March 20, 1998]
    [Page 414]
    [From the U.S. Government Publishing Office www.gpo.gov]

    [[Page 414]]

    Statement on Signing the Examination Parity and Year 2000 Readiness for
    Financial Institutions Act
    March 20, 1998

        Today I am pleased to sign into law H.R. 3116, the ``Examination
    Parity and Year 2000 Readiness for Financial Institutions Act.''
        This legislation calls upon Federal financial regulatory agencies to
    conduct seminars and provide guidance for financial institutions on the
    implications of the Year 2000 problem. It also extends to the Office of
    Thrift Supervision and the National Credit Union Administration
    statutory authority, similar to that of other Federal banking agencies,
    to examine the operations of contractors that perform services for
    thrifts and credit unions. These services include data processing and
    the maintenance of computer systems that are used to track everything
    from day-to-day deposit and loan activity to portfolio management.
        Many thrifts and credit unions, particularly smaller ones, rely
    heavily on the services of outside contractors for the processing of
    critical business applications. This legislation will assist Federal
    regulators in better understanding the Year 2000 risks to which thrifts
    and credit unions may be exposed and will bolster efforts to work with
    them to ensure that they will be able to continue to provide services to
    their customers without disruption.
        The Year 2000 problem is one of the great challenges of the
    Information Age in which we live. My Administration is committed to
    working with the Congress and the private sector to ensure that we
    minimize Year 2000-related disruptions in the lives of the American
    people.

                                                          William J. Clinton

    The White House,

    March 20, 1998.

    Note: H.R. 3116, approved March 20, was assigned Public Law No. 105-164.