In addition, like the Baker bill, the Bennett bill expressly provides that state consumer protection laws, as well as the Truth in Lending Act and the Electronic Funds Transfer Act, continue to govern consumer transactions that use electronic authentication. Finally, in early November 1997, Representative Eshoo introduced the Electronic Commerce Enhancement Act of 1997 (H.R. 2991), which would require Federal agencies to make forms available electronically and to allow individuals to submit forms electronically over the Internet. Digitally signed forms accepted in accordance with this act would have the same force and effect as if they contained a written signature. In addition, the bill calls for the issuance of digital signatures to appropriate Federal employees and the establishment of guidelines governing the manner in which Federal agencies accept certificates for digital signatures. These guidelines will permit a Federal agency to accept certificates issued by the agency or a trusted third party provided that: (1) the trusted third party is licensed or accredited by a state or local Government or an appropriate accreditation body; and (2) “in accordance with commercially reasonable standards, accepts liability for and is insured against negligent issuance or handling of certificates”. International Efforts While the United States Government has for the most part been an observer of the domestic efforts to establish a legal infrastructure for electronic commerce, it has been an active participant in the international arena through organizations such as the United Nations Commission on International Trade Law (UNCITRAL) and the Organization for Economic Co-Operation and Development (OECD).

The White House believes that the commercial and technological environment is changing far too rapidly for it to be able to develop policy that is both timely and appropriate. In the near term, therefore, the White House is calling for case-by-case monitoring of electronic payments experiments. In keeping with the spirit of the White House Framework, Federal bank supervisors in the United States have expressed a clear willingness to listen to what the private sector has to say on issues involving emerging electronic payments. For example, in 1996 the Board of Governors issued proposed regulations concerning the applicability of Regulation E to stored-value cards. As part of that proposed rule making, the Board requested comments from the public as to whether part or all of Regulation E should apply to electronic money or value residing on a computer system or personal-computer hard drive. Similarly, the FDIC requested public comment on the application of Federal deposit-insurance coverage to electronic value represented on computer systems. This openness, combined with an increasing willingness to let the banking industry partner with technology and other industries, reflects a commitment on the part of bank supervisors in the United States to allow the private sector to direct the future of electronic commerce and payments. From a longer term perspective, however, the market-place and industry self-regulation alone may not fully address all of the issues associated with e-money.