GOOD MORNING.
I WOULD LIKE TO THANK CHAIRMAN BENNETT FOR CALLING THIS BEARING AND TAKING THE LEAD ON THIS IMPORTANT ISSUE. THE YEAR 2000 COMPUTER PROBLEM OR MILLENNIUM BUG IS SOMETHING I BELIEVE MOST AMERICANS ARE RELATIVELY UNFAMILIAR WITH. AS I AM BEGINNING TO UNDERSTAND, THIS PROBLEM IS MUCH MORE SERIOUS THAN ORIGINALLY THOUGHT.
I WOULD LIKE TO POINT OUT THAT THE STATE OF NEBRASKA IS WELL ON ITS WAY TO CORRECTING ITS SYSTEMS AND BEING PREPARED FOR THE EVENTUAL DATE CHANGE. THE STATE GOVERNMENT SHOULD BE READY TO HANDLE THE TRANSITION BY THE END OF NEXT YEAR. I THINK IT IS IMPORTANT TO HIGHLIGHT THE SUCCESSES THAT ARE TAKING PLACE BECAUSE WHILE THE YEAR 2000 IS RAPIDLY APPROACHING, WE DO NOT NEED TO CREATE PANIC. WE SHOULD, HOWEVER, RAISE PUBLIC AWARENESS OF THIS ISSUE BECAUSE THE POTENTIAL CONSEQUENCES OF INACTION ARE QUITE SEVERE.
OUR RESPONSIBILITY ON THE SUBCOMMITTEE IS TO ENSURE THAT FINANCIAL INSTITUTIONS ARE WORKING ON CORRECTING THE PROBLEM. I AM PARTICULARLY CONCERNED ABOUT WHAT SMALL, INDEPENDENT BANKS ARE DOING TO PREPARE FOR THE YEAR 2000. RURAL COMMUNITIES DEPEND ON THESE INSTITUTIONS FOR ALL THEIR CREDIT NEEDS. IF THEY ARE UNPREPARED FOR THE DATE CHANGE I AM CONCERNED OF THE EFFECTS TO THE ENTIRE COMMUNITY. I HOPE THE WITNESSES CAN SHED SOME LIGHT ON THIS CONCERN.
I LOOK FORWARD TO HEARING THE TESTIMONY.
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