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ARTICLE · 13 JANUARY 1998

New Digital Signature Bill Introduced

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United StatesWealth Management
by
Stewart Baker
[email protected]

Michael D. Hintze
[email protected]

November, 1997

Representatives Richard Baker (R-LA) and David Dreier (R-CA) recently introduced H.R. 2937, the Electronic Financial Services Efficiency Act of 1997.

A principal focus of the bill is to establish that electronic authentication or digital signatures will have the same legal effect as paper-based written signatures. In setting out what types of electronic authentication are recognized as valid, the bill is largely technologically neutral. Any method will qualify if it (1) reliably (and in a way that is verifiable) identifies the person making, sending or originating a document or communication, and (2) reliably establishes that the document or communication has not been altered.

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