Year 2000 Preparedness Act

Year 2000 Preparedness Act - Directs the President to provide for the acceleration of the development of business continuity plans by Federal agencies to ensure the uninterrupted delivery by those agencies of critical mission-related services.

Expresses the sense of the Congress that the President should: (1) aggressively promote Year 2000 date change awareness for information technology systems and sensitive infrastructure applications; and (2) authorize the Chairperson of the President's Council on Year 2000 Conversion to take control of any critical Federal agency system that is in jeopardy of not meeting the January 1, 2000, deadline, with respect to the Year 2000 computer problem (Y2K problem).

Requires the Director of the Office of Management and Budget (OMB) to: (1) transmit to the Congress monthly reports assessing critical Federal information systems that will not, or may not, meet the deadline, and the anticipated consequences of those failures; and (2) establish additional reporting criteria for areas such as embedded systems and external data exchange. Provides for all Federal agency reports to OMB relating to the Y2K problem to be concurrently transmitted to the Congress.

Directs the Chairperson of the President's Council on Year 2000 Conversion to develop guidelines of best practices and standards for remediation and validation with respect to the Y2K problem to provide better direction for government and private sector efforts.

Prohibits Government procurement of goods or services that are not Year 2000 compliant, except where a waiver is necessary to the function and operation of an agency or is required pursuant to an existing contract.