Year-2000 glitches in the global financial infrastructure could leave even well-prepared U.S. banks vulnerable to problems, witnesses at a House Banking Committee hearing said Tuesday.

"No matter how well-prepared American banks and businesses are for the new millennium," said committee Chairman Jim Leach, "it is difficult to imagine how our banking systems and domestic economy can escape the consequences of a weak link" in the global chain.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.