Good morning and welcome. I would like to extend a special welcome to a fellow Nebraskan and friend, Skip Hove, the Acting Chairman of the FDIC. I know I echo the sentiments of consumers and bankers in Nebraska who feel very confident that the BIF and SAIF funds are being managed properly.
I would like to thank Chairman Bennett for calling this second hearing regarding the year 2000 computer problem and its effects on our financial institutions. Tbe first bearing proved insightful from the perspective of private industry. I, and many of my colleagues, learned just how serious the problem is. The time frame for institutions starting to fix their computers is rapidly contracting and if institutions do not take steps to begin the process they will not be ready in time.
Now we will hear from the regulators of our financial institutions. I am particularly concerned about smaller institutions who may not be aware of the magnitude of the challenge facing us. Furthermore, these small institutions are, in many cases, the sole source of credit in their communities. It is especially important that consumers have confidence in these institutions and their readiness for the year 2000.
I look forward to testimony presented here today.
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