By:  Ellis                                              S.R. No. 95

 1-1                                       1

 1-2                              SENATE RESOLUTION

 1-3           WHEREAS, The Senate of the State of Texas takes great

 1-4     pleasure in honoring Dr. Muhammad Yunus, founder and managing

 1-5     director of the Grameen Bank of Bangladesh; and

 1-6           WHEREAS, Dr. Yunus will be in Houston on February 8, 1997,

 1-7     for the presentation of his seminars, "Houston:  Microcredit--The

 1-8     New Frontier in Banking and Business" and "Beyond Microcredit

 1-9     --Building Bridges to Welfare Reform and the 21st Century"; and

1-10           WHEREAS, His experience in banking has made him the world's

1-11     foremost practitioner in the field of microcredit lending; his

1-12     seminars will focus on the Grameen Bank's experience and provide

1-13     information on how microcredit-based self-employment can become

1-14     part of the solution to the problem of poverty in other countries,

1-15     including the United States; and

1-16           WHEREAS, Since its founding in 1976, the Grameen Bank

1-17     has disbursed over $2 billion in loans averaging $140 each; it

1-18     currently has 2.1 million borrowers and lends approximately

1-19     $1.5 million a day, with a repayment rate of 98 percent; and

1-20           WHEREAS, Believing that credit is a human right, Dr. Yunus

1-21     started the Grameen Bank in Bangladesh to make very small loans

1-22     to very poor women who wanted to start their own businesses; the

1-23     loans were used to purchase start-up equipment, and the bank has

 2-1     been so successful that it is being copied around the world; and

 2-2           WHEREAS, Using his own money for his first disbursements,

 2-3     Dr. Yunus has helped millions of women and their families in his

 2-4     own country and in 40 other countries who had no hope of escape

 2-5     overcome abject poverty; and

 2-6           WHEREAS, A paradox for most financiers, the Grameen Bank

 2-7     requires no collateral; instead, four other women who cosign the

 2-8     note agree on the nature of the enterprise and the way to proceed;

 2-9     if the chief borrower defaults, the other women become ineligible

2-10     for loans; choosing between dignity and shame, most borrowers

2-11     choose dignity; and

2-12           WHEREAS, The Grameen Bank has received praise from

2-13     policymakers in the United States, and Congress has recently

2-14     voted $33 million to help set up a similar banking community for

2-15     small enterprises; viewing his bank as an example of reinvented

2-16     capitalism, Dr. Yunus calls it a "socially conscious capitalist

2-17     enterprise"; and

2-18           WHEREAS, A native of Bangladesh, Dr. Yunus received his

2-19     doctorate in economics from Vanderbilt University; among his

2-20     academic honors are a Fulbright Fellowship and an Eisenhower

2-21     Exchange Fellowship; formerly professor of economics at

2-22     Chittagong University, Dr. Yunus is a member of the Government

2-23     Cabinet of Bangladesh and a nominee for President of the World

2-24     Bank; and

2-25           WHEREAS, Dr. Yunus has received international praise for

 3-1     his visionary approach to poverty, and his honors include the

 3-2     1992 King Baudouin Development Prize, the 1993 CARE Humanitarian

 3-3     Award for Development, and the 1994 World Food Prize; now,

 3-4     therefore, be it

 3-5           RESOLVED, That the Senate of the State of Texas,

 3-6     75th Legislature, hereby commend and applaud Dr. Muhammad Yunus

 3-7     for his extraordinary humanitarian efforts to help poverty-stricken

 3-8     people throughout the world achieve financial independence,

 3-9     self-respect, and hope for their families; and, be it further

3-10           RESOLVED, That a copy of this Resolution be prepared for

3-11     the distinguished gentleman as an expression of the high esteem

3-12     and gratitude of the Texas Senate.

3-13                                  ______________________________________

3-14                                          President of the Senate

3-15                                       I hereby certify that the above

3-16                                  Resolution was adopted by the Senate

3-17                                  on February 3, 1997.

3-18                                  ______________________________________

3-19                                          Secretary of the Senate

3-20                                  ______________________________________

3-21                                           Member, Texas Senate