July 8, 1998

The Honorable James F. Hinchman
Acting Comptroller General
General Accounting Office
441 G Street, N.W.
Washington, D.C. 20548

Dear Mr. Hinchman:

I am transmitting a copy of the Securities and Exchange Commission (SEC) staff's June 1998 Second Report on the Readiness of the United States Securities Industry and Public Companies to Meet the Information Processing Challenges of the Year 2000 (Second Report) and accompanying staff memorandum, along with a copy of my letter to SEC Chairman Arthur Levitt, commenting on the Second Report.

Please review the Second Report and evaluate its compliance with the recommendations contained in the GAO report SEC Year 2000 Report: Future Reports Could Provide More Detailed Information. I also ask that GAO proceed with the next phase of this project to address the remaining issues raised in my July 21, 1997, letter.

Thank you for your cooperation and attention to my request.

Sincerely,

JOHN D. DINGELL
RANKING MEMBER

Enclosures

cc: The Honorable Tom Bliley
The Honorable Michael Oxley
The Honorable Thomas J. Manton

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