House Banking Committee Chairman Jim Leach introduced bipartisan legislation last week that would require the Clinton administration to assess the country's readiness for the year-2000 computer problem.
Under the bill, the President's Council on Year 2000 Conversion would have to submit a report in 90 days with recommendations on how to make sure the financial, telecommunications, and five other key economic sectors are prepared for the looming computer glitch. The council then would have to give Congress quarterly progress reports.
Among other provisions, the legislation would require the council, the Federal Reserve Board, and the Treasury Department to encourage foreign banks to make similar preparations.
Separately, Rep. Leach said he plans a hearing in early June to praise U.S. law enforcement officials for their three-year, money-laundering investigation which resulted in indictments of 26 officials at 12 Mexican banks last week.