Fed Leader to Discuss Y2K Readiness

Robert Parry, president and chief executive of the Federal Reserve Bank of San Francisco, plans to discuss efforts by the Fed and financial institutions nationwide to avoid computer problems resulting from the rollover from 1999 to 2000.

While he is in Los Angeles Tuesday, Parry, who is also a member of the central bank’s committee that sets the nation’s monetary policy, plans to offer an overview of recent steps taken by the Fed, banks, savings and loans and other institutions to ensure that their computers don’t malfunction by reading the year 2000 as 1900.

Both the Fed and private financial institutions were to have updated, tested and deployed so-called Y2K-compliant computer systems by June 30, spokesman Calvin Naito said. They were also supposed to have developed and tested contingency plans in case of unforeseen glitches.

Parry plans to talk about those efforts as well as discuss how individuals can prepare their own computers for the changeover, Naito said.

His remarks, sponsored by the Town Hall Los Angeles public affairs forum, are scheduled for noon at the Los Angeles Marriott downtown. Admission is $35.