[1829] in cryptography@c2.net mail archive
We're Here to Help You
daemon@ATHENA.MIT.EDU (Robert Hettinga)
Wed Nov 12 11:01:19 1997
Date: Wed, 12 Nov 1997 07:22:06 -0500
To: cryptography@c2.net
From: Robert Hettinga <rah@shipwright.com>
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Date: Tue, 11 Nov 1997 20:55:31 -0800
From: jmuller@brobeck.com (John D. Muller)
Subject: We're Here to Help You
To: dcsb@ai.mit.edu, e$@thumper.vmeng.com
Sender: <e$@vmeng.com>
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I'm not sure if this legislation has actually been introduced; it's
not available on the Library of Congress THOMAS service. Fortunately,
it's too late in the year for anything to happen on this bill anytime
soon. The age of big government is over, except when it's not.
John Muller
mailto:jmuller@brobeck.com
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--
For Immediate release:Contact: Andrew Biggs (202) 226-0471
Saturday, November 8, 1997 Ted Beason (202) 226-0469
CONGRESSMAN BAKER INTRODUCES THE ELECTRONIC FINANCIAL SERVICES
EFFICIENCY ACT OF 1997
Today, Congressman Richard H. Baker (R-LA), along with Congressman
David Dreier (R-CA) introduced the Electronic Financial Services
Efficiency Act of 1997. This legislation gives electronic
authentication techniques that comply with basic statutory
requirements, parity with paper based written signatures. This
legislation is designed to provide a uniform, nationwide framework to
encourage the use and validity of electronic authentication.
Congressman Baker issued the following statement:
"New forms of electronic communication are being utilized as an
alternative to paper-based documentation and correspondence. Computers
are now routinely used to initiate and execute a substantial and
growing number of personal, business and financial transactions. As a
result, the problem of authenticating the identity and the "signature"
of parties using computers has become a major concern. Unless a
reliable alternative to written signatures is acknowledged, the promise
of electronic commerce will not be fully realized.
The bill I am introducing today is designed to address the issue of
conflicting and confusing developments under current and proposed
state law. The purpose of the Electronic Financial Services Efficiency
Act of 1997 is threefold: (1) to provide for the recognition of
digital and other forms of authentication as an alternative to
existing paper-based methods, (2) to improve the efficiency and
soundness of the Nations's capital markets and payment system, and (3)
to harmonize the practices, customs and uses applicable to electronic
authentication on a uniform, nationwide basis.
The first goal is accomplished by explicitly recognizing that all
forms of electronic commerce that comport with specific, basic
statutory standards shall have parity with written signatures. As a
result, they will be considered valid for all communications with
Federal agencies, U.S. Courts and other instrumentalities of the
United States government.
The second goal is met by the establishment of the National
Association of Certification Authorities (NACA). Any person or group
that wishes to provide electronic authentication services in the
United States must be a registered NACA member. The NACA may admit any
person or group to membership, provided they are licensed and provide
electronic authentication services consistent with the standards set
forth in this Act.
The third goal is met by the creation of an Electronic Authentication
Standards Review Committee within the NACA. Overseen by the Secretary
of the Treasury, the Standards Review Committee shall establish,
develop and refine criteria to be applied to new electronic
authentication methods, consistent with the specific standards set
forth in the Electronic Financial Services Efficiency Act of 1997."
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Where people, networks and money come together: Consult Hyperion
http://www.hyperion.co.uk/ info@hyperion.co.uk
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Full-Strength Cryptographic Solutions for Worldwide Electronic Commerce
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-----------------
Robert Hettinga (rah@shipwright.com), Philodox
e$, 44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
The e$ Home Page: http://www.shipwright.com/
Ask me about FC98 in Anguilla!: <http://www.fc98.ai/>
