[Weekly Compilation of Presidential Documents Volume 34, Number 12 (Monday, March 23, 1998)]
[Pages 474-475]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.

[[Page 475]]

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