Trump Executive Order Raises Alarm Over Women's Financial Independence

[riversedge]

Trump Executive Order Raises Alarm Over Women's Financial Independence


https://www.msn.com/en-us/news/opinion/trump-executive-order-raises-alarm-over-women-s-financial-independence/ar-AA1DysKJ?ocid=msedgdhp&pc=U531&cvid=f9f4bf32fc2d4e50a5f94cdf84ea79e4&ei=22


Opinion by Sophie Clark • 18h • 4 min read

An Executive Order (EO) signed by President Donald Trump is raising concerns over the protection of women's financial independence, as well as other potential civil rights violations.

The EO, titled Restoring Equality of Opportunity and Meritocracy is intended to encourage "meritocracy and a colorblind society, not race- or sex-based favoritism."


It calls for an evaluation of all pending proceedings under the Equal Credit Opportunity Act (ECOA), which was first passed in 1974 and amended in 1976 to prevent lenders from discriminating against women based on marital status.

Although the EO cannot change the law, that can only be done by an act of Congress, if independent federal agencies abide by the order they will stall litigation protecting women from being discriminated against for credit, and they will roll back guidance and regulations which were in place to protect people's rights.

Why It Matters

Prior to the ECOA, women could be asked to have a male relative or spouse co-sign for their credit cards or loans.

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This move has resulted in several court cases; however, Trump has appointed his own head of the CFPB, which he is allowed to do, and this head will likely follow through on this Executive Order....................

[58Sunliner]

1. Not just women...

[PoindexterOglethorpe]

2. For what it's worth, I never needed to have a man

sign for me when I rented an apartment, or got credit. I did the first when I was 17, the second a year or two later. In the 1960s.