A bill to ensure that businesses, financial markets, and the Federal Government are taking adequate steps to resolve the year 2000 computer problem.

Amends the Employee Retirement Income Security Act of 1974 to require fiduciaries of employee benefit plans to consider year 2000 computer problems in making investment decisions.

Directs the President to establish the President's Council on Year 2000 Conversion, with representatives from the executive departments and designated Federal agencies. Directs the Council Chair, who may be an Assistant to the President, to: (1) oversee the activities of executive departments and other Federal agencies to assure that their computer systems operate smoothly through the year 2000; (2) provide policy direction to, and receive reports and data from, executive departments and other Federal agencies, to ensure progress and compliance with Federal standards for remediation of the year 2000 computer problem; (3) allocate resources for correcting critical year 2000 computer problems among executive departments and other Federal agencies to meet critical deadlines; and (4) utilize any existing authorities granted to the executive branch, or recommend to the Congress other appropriate plans, for the retention of critical personnel needed to address the Federal Government's year 2000 computer problem in a timely manner.