Y2K could drill down to other U.S. trade vulnerabilities too. More than 50 pe rcent of minerals like platinum, tin, zinc, tungsten, and cobalt come from overseas. Banking also yields interesting data. The U.S., with its aggressive regulatory oversight of the financial services industry, accounts for just two of the world's 25 largest banks. An equal number of large banks are Chinese.
Japan dominates the world's largest list with eight, while France lays claim to three.
Beyond banking, the report underscores how important Japan's Y2K readiness will be for U.S. firms. Japan is this nation's top overseas supplier of machine tools, information technology devices and scientific equipment. In October of 1998, three members of Congress asked the federal government to provide an accounting of spending stemming from Y2K for all government agencies and organizations. In compiling the report, the GAO hit reporting roadblocks from many of the government agencies. First, OMB was asked to provide copies of reports obtained by all agencies outlining their plans and funding for Y2K compliance.