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Banking Committee Senator Robert Bennett (R-Utah) will introduce legislation requiring all publicly traded companies to tell investors about y2k-related expenses. This would supplement recent moves by the Securities & Exchange Commission to force publicly held companies to do this. Bennett, unlike the SEC, wants potential law suit losses included.
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Bennett said he also wants businesses to disclose potential lawsuit liability they face from the problem, insurance coverage they have to help cover it and backup contingency plans they have in case of computer systems failures. . . .
He said that's necessary because experts say that if businesses don't have a plan to fix their computers in place by next September, it will already be too late because of the time needed for the testing of fixes in systems.
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