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