Statement by Sen. John McCain.
Re: Y2K Litigation Reform Bills.
Date: May 13, 1999.
Source: Office of Sen. John McCain.

McCAIN STATEMENT ON Y2K LEGISLATION

WASHINGTON, D.C. -- The following is the prepared statement of U.S. Senator John McCain (R-AZ) for a press conference today to urge Senate leaders to schedule a vote and press for passage of the Y2K Act, S.96:

"I am pleased that the House has passed Y2K liability legislation by a substantial bi-partisan majority. I applaud the accomplishments of our colleagues on both sides of the aisle in the House whose efforts have been rewarded. This is an important action by the House, and one which I hope will provide momentum for successful passage of our bill in the Senate.

"The House bill includes several provisions which we included in S.96 as it passed out of the Commerce Committee. Since then we have eliminated or revised these provisions during negotiations with Senators Wyden, Dodd, and Lieberman over the past several weeks. I think their inclusion in the final bill passed out of the House on this bi-partisan vote demonstrates that these provisions were not unreasonable to begin with in S. 96. I think it further confirms that S.96, with the Wyden and Dodd revisions, represents significant compromise.

"Even with these revisions, the current bill accomplishes significant incentives for prevention and remediation of the Y2K problems without unnecessary and costly litigation. I would not like to see any additional revisions which would seriously limit the effectiveness of the bill. More importantly, the broad community of businesses, small and large, high tech and low tech, retailers, wholesalers, insurance, consultants, bankers, manufacturers, and utilities want S.96 passed without further compromises. We have pared away everything that is not necessary, and now we have a reasonable, practical and supportable bill.

"I understand that there may be Senators with other suggestions or different perspectives who want to offer amendments. I have always been willing to enter into consent agreements to allow debate of other ideas. We can then call for a vote and let the best idea win. But we have to consider the bill on the floor and get to a vote. While I understand the concerns expressed by the minority before our last cloture vote on S.96 on non-related issues, we should not be delaying consideration of this legislation which is of such great importance to the country's economic well-being.

"The clock is ticking: 232 days remain until January 1. This legislation cannot wait. Its purpose is to provide incentives to be proactive --to encourage remediation and solution and to prevent Y2K problems from occurring. It will not serve its purpose unless it passes now."