James Leach, Chairman of the House Banking Committee, quotes Alan Greenspan's warning.
Is Greenspan serious? If so, we are heading for a guaranteed banking disaster. There is no way that 100% of the banks in the international banking system will achieve 100% compliance. At present, there is no major money center bank anywhere on earth that is compliant.
Here is what Cong. Leach said:
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Experts also emphasize that the problem must be fixed properly and on time if Year 2000 related problems are to be avoided. I was intrigued by a statement Federal Reserve Chairman Alan Greenspan made a couple of weeks ago. He pointed out that 99 percent readiness for the Year 2000 will not be enough. It must be 100 percent. Thus, the message seems clear: all financial institutions must be ready; federal and state regulatory agencies must be ready; data processing service providers and other bank vendors must be ready; bank customers and borrowers must be ready; and international counterparties must be ready.