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