Readying computers for Yr. 2000

Abstract

Edward Kelley, Jr., member of the Board of Governors of the Federal Reserve, recently testified before a House Bank Committee panel on the Federal reserve's efforts regarding the year 2000 computer systems problems. Excerpted remarks are presented. the Federal Reserve System has developed and is executing a comprehensive plan to ensure its own year 2000 readiness and the bank supervision function is well along in a cooperative, interagency effort, to promote early remediation and testing by the industry. All Federal reserve computer program changes, as well as system and user-acceptance testing, are scheduled to be completed by year-end 1998.