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October 4, 1998

CONGRESS APPROVES Y2K BILL

By CBR Staff Writer

Legislation encouraging companies to share information on solving the year 2000 problem has now been passed by both houses of Congress, after the House of Representatives approved the bill late last week. The Senate had already given the thumbs up to The Year 2000 Information and Readiness Disclosure Act, otherwise known as the Good Samaritan Law. The act will undoubtedly become law, as it awaits only President Clinton, who has already pledged his support. Once it becomes effective, the legislation will limit legal liability for companies by assuring that those who provide Y2K information to each other or to the public cannot be held legally liable for any inaccuracies in the information. It is expected to cut down on the expected tidal wave of litigation concerning Y2K problems and the business losses associated with them, while at the same time encouraging cooperation on solving the problems.

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