Fed readies Y2K `war room’

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Fed readies Y2K `war room'

The Federal Reserve has set up a year 2000 “war room” for the New Year’s weekend in case of any financial meltdown caused by the millennium computer bug.

Starting Dec. 31, both the Fed and the Department of the Treasury will staff special centers around the clock to watch for any malfunctions in computer systems affecting financial systems.

While the Fed is confident about the preparedness of U.S. banks, there could be problems if financial institutions in other countries experience computer failures.

A complete report is located at www.techweb.com.


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