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[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 2000 Introduced in Senate (IS)]

105th CONGRESS
  2d Session
                                S. 2000

     To ensure that businesses, financial markets, and the Federal 
Government are taking adequate steps to resolve the year 2000 computer 
                                problem.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             April 29, 1998

  Mr. Bennett introduced the following bill; which was read twice and 
           referred to the Committee on Governmental Affairs

_______________________________________________________________________

                                 A BILL

 
     To ensure that businesses, financial markets, and the Federal 
Government are taking adequate steps to resolve the year 2000 computer 
                                problem.

    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.
                                 <all>
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