1-1                                     1
 1-2                          SENATE RESOLUTION NO. 766
 1-3           WHEREAS, The Senate of the State of Texas takes pride in
 1-4     recognizing Franklin D. Raines, who was named chairman and chief
 1-5     executive officer of the prestigious Fannie Mae on January 1, 1999;
 1-6     and
 1-7           WHEREAS, Fannie Mae is the largest nonbank financial services
 1-8     company in the world and is the nation's largest source of financing
 1-9     for home mortgages; and
1-10           WHEREAS, Franklin Raines graduated magna cum laude from
1-11     Harvard University and cum laude from Harvard Law School; he also
1-12     attended Magdalen College at Oxford University as a Rhodes Scholar;
1-13     and
1-14           WHEREAS, Formerly a partner with Lazard Freres and Company
1-15     for 11 years, Franklin Raines joined Fannie Mae in 1991 and served
1-16     as vice chairman in charge of the company's legal, credit policy,
1-17     finance, and other corporate functions until 1996; and
1-18           WHEREAS, Well known for his financial expertise, he then was
1-19     named director of the Office of Management and Budget and a member
1-20     of the president's Cabinet; Mr. Raines was the president's key
1-21     negotiator in the talks that led to passage of the bipartisan
1-22     Balanced Budget Act of 1997; and
1-23           WHEREAS, Mr. Raines was the first director of the Office
1-24     of Management and Budget in a generation to balance the federal
 2-1     budget; he also helped the president to manage the federal
 2-2     government by coordinating procurement, financial management,
 2-3     information technology, and regulatory policies for all federal
 2-4     agencies; and
 2-5           WHEREAS, In May of 1998, Mr. Raines stepped down as director
 2-6     of the Office of Management and Budget and became chairman and chief
 2-7     executive officer-designate for Fannie Mae; and
 2-8           WHEREAS, A remarkably talented individual, Franklin Raines
 2-9     serves as a member of the board of directors of Fannie Mae, Pfizer,
2-10     Incorporated, and America Online, Incorporated; he is chairman of
2-11     the Visiting Committee of the Harvard Kennedy School of Government;
2-12     he has served as a member of the congressionally mandated Commission
2-13     on Roles and Missions of the Armed Forces; and
2-14           WHEREAS, Mr. Raines was elected a Fellow of the American
2-15     Academy of Arts and Sciences and is a member of The Business
2-16     Council, the Trilateral Commission, the National Academy of Social
2-17     Insurance, and the Council on Foreign Relations; and
2-18           WHEREAS, An exemplary gentleman who has distinguished himself
2-19     as director of the Office of Management and Budget and in his highly
2-20     successful career, Franklin Raines is a talented administrator whose
2-21     outstanding leadership and wealth of experience will undoubtedly
2-22     have a profound and positive impact on the future of Fannie Mae;
2-23     now, therefore, be it
2-24           RESOLVED, That the Senate of the State of Texas,
2-25     76th Legislature, hereby commend Franklin D. Raines on his
2-26     exceptional accomplishments and extend best wishes to him for the
 3-1     future; and, be it further
 3-2           RESOLVED, That a copy of this Resolution be prepared for
 3-3     Franklin Raines as an expression of esteem from the Texas Senate.
 3-4                                                                   Ellis
 3-5                                  ______________________________________
 3-6                                          President of the Senate
 3-7                                       I hereby certify that the above
 3-8                                  Resolution was adopted by the Senate
 3-9                                  on April 28, 1999.
3-10                                  ______________________________________
3-11                                          Secretary of the Senate
3-12                                  ______________________________________
3-13                                           Member, Texas Senate