The days of women needing a male-cosigner for loans/credit may be back thanks to Trump

[New Breed Leader]

https://www.msn.com/en-us/news/us/trump-executive-order-raises-alarm-over-women-s-financial-independence/ar-AA1DysKJ?ocid=socialshare&pc=HCTS&cvid=1176303e7388498bb129f8479f8a9a5c&ei=16

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.

[Pisces]

1. It becomes more insane by the day. We will wake up and be living in the Handmaids tale any day

[Norrrm]

2. Paula White would certainly be ok with that.

[milestogo]

3. And if a woman is unmarried and her father is deceased?

Will the court appoint a MAN - a male stranger - to make decisions for her?

[regnaD kciN]

4. Making America Great Again!

?si=eZMh7if8TAWZ4B4V

[Aristus]

5. It certainly explains why even wealthy female Hollywood movie stars back in the day got married six or seven times.

Had to have a man in order to have a bank account.

[no_hypocrisy]

6. Counterintuitive and Counterproductive

Women have enough money to support having credit because they are mostly employed and get wages. Before the Equal Credit Opportunity Act (ECOA) was passed, it was the opposite, with women staying home, working with no income.

If I have a credit card, I have the means to pay for my transactions like any male, married or otherwise.

Taking away the ability to purchase on credit for 50 percent of consumers will have a direct hit on the economy. Less goods and services purchased and less profits from those sales.

One of two things could happen: for transactions $100 or less, women would still have the money and would pay in cash; or they would be reliant upon paper checks again.