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1998-04-30 08:37:32


FED Official Warns of Telecom Failure



Federal Reserve Board member Edward Kelley, Jr., warned a Senate committee that the nation's telecommunications firms are at risk.

If he's correct, then the economy is at risk. The entire civilization is also at risk. Without telecommunications, there would be a collapse. Only the power grid is more important than telecommunications.

This is from TECH WEB NEWS (April 28).

* * * * * * * *

If telecommunications networks, utility companies, or other large banks fail during the date change, the Federal Reserve's ability to process the nation's checks and distribute currency could be impaired.

Kelley said he was particularly concerned about how ready telecom companies are for 2000. "They have been very tight with providing information, especially on the testing of interconnectivity between systems," he said.


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