Economic Rights Are Essential to the Pursuit of Happiness
Last week, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray addressed students at Michigan State University on the anniversary of three pivotal moments in American History: the Supreme Court’s 1954 Brown v. Board of Education decision, the 1964 Civil Rights Act, and the Equal Credit Opportunity Act of 1974.
With these three historic events, the United States moved closer to fully realizing the inevitable truth that civil rights, political rights, and economic rights are inextricably linked. They are all necessary for a free and democratic society.
While Brown v. Board of Education and the 1964 Civil Rights Act are relatively known for their roles in reducing legal discrimination, Director Cordray used his speech to highlight a less-known antidiscrimination law: the 1974 Equal Credit Opportunity Act (ECOA), which celebrates its 40th anniversary this year.
For the first time, ECOA outlawed discrimination by creditors against borrowers based on race, ethnicity, sex, age, and national origin.find out more