Benjamin Gilman: “H.R. 1129, the Microcredit for Self-Reliance Act of 1997, was introduced last March by a distinguished member of our…”

“H.R. 1129, the Microcredit for Self-Reliance Act of 1997, was introduced last March by a distinguished member of our committee, the gentleman from New York, along with the gentleman from Ohio. The bill is an impressive work that has gained over 90 cosponsors from both sides of the aisle. I want to thank the gentleman from New York and the gentleman from Ohio for their work on this important issue. They have become the best allies of my colleague from Connecticut and myself on our work to promote microenterprise development. Mr. Speaker, over the years many of us have become aware of Dr. Yunus's Grameen Bank and the 98 percent repayment rate that his bank has received for loans to the poorest of the poor who never had any prior access to credit. Microenterprise lending has now become widespread throughout the world, helping people lift themselves out of poverty. This example has now hit home where microcredit activities are lifting Americans out of poverty in cities such as Boston, New York, and Los Angeles.”