Happy International Women’s Day!
I am somewhat torn on these diversity focused holidays celebrating women, pride, black history, disabilities, etc. It is vital we bring awareness to the inequities in our society. We must change discriminatory laws and practices and support the underrecognized. At the same time, so often these occasions bring out the performative messaging.
We can still champion the causes while remaining critical of the performative messaging. For example, can read and appreciate the content Google produces on 4 things to remember this International Women’s Day and Women’s History Month. This does not mean we forget that in 2018 Google employees led a walkout due to the “sexual harassment, discrimination, and systemic racism that fuel” the tech culture.
So, despite the “bad apples” that can make a movement feel insincere, I do want to celebrate international women’s day.
Legislative Progress
Though this day focuses on the international progress of women, my personal area of focus and expertise is in personal finance within the United States. Therefore, I feel it is important to share some historical legislation leading to Women’s financial progress.
- Equal Credit Opportunity Act (ECOA) of 1974. The ECOA prohibits discrimination in credit transactions on the basis of race, color, religion, national origin, sex, marital status, age, or because someone receives public assistance. This act was crucial in ensuring that women have equal access to credit and financial services. In basic terms, this act made it much easier for women (married and single) to obtain loans.
- The Women’s Business Ownership Act of 1988. This legislation addressed discriminatory lending practices and aimed to make it easier for women to access capital to start and expand their businesses. It also established the National Women’s Business Council to advocate for women entrepreneurs.
- The Family and Medical Leave Act (FMLA) of 1993. The FMLA allows eligible employees to take unpaid, job-protected leave for specified family and medical reasons. While not specific to women, we know that women are most often the primary caregivers in a family. This act has been vital for women’s financial stability by allowing them to balance work and family responsibilities without fear of losing their jobs.
- The Lilly Ledbetter Fair Pay Act of 2009. This act overturned a Supreme Court decision and restored protections against pay discrimination. It effectively extends the statute of limitations for filing such claims.. Individuals subjected to pay discrimination may file a complaint with the government within 180 days of their last paycheck affected by the discrimination. Previously the complaint had to be filed within 180 days of the start of the discrimination.
- The Affordable Care Act (ACA) of 2010. While primarily focused on healthcare reform, the ACA includes provisions that benefit women financially. For example, insurers are prohibited from charging women higher premiums than men for the same coverage. Also, the ACA requires coverage of preventive services like mammograms and contraception without cost-sharing.
It blows my mind that this legislation has all been passed within my lifetime. Women have only had access to credit for 50 years and the Fair Pay Act was enacted a mere 15 years ago!
Recent Setbacks in Legislation
In listing the above achievements it is striking that the most recent reform was 14 years ago. Since then we have seen a series of regressive legislation. Most notably, Rowe v. Wade was overturned, launching a series of subsequent laws targeting women and other marginalized groups.
At the state level we have seen restrictions on abortion rights, such as mandatory waiting periods, parental consent laws, and bans on certain abortion procedures. Additionally there has been a substantial rollbacks of healthcare coverage for women, including cuts to funding for reproductive health services and contraception.
Reproductive rights for women are closely tied to financial rights for women. When women do not control the rights to their own bodies and their own reproductions it directly impacts their ability to receive education and gain and keep well paying jobs.
Additionally attempts continue to be made to limit access to affordable childcare. These attempts take the form of government reduction/elimination of subsidies, cuts to public funding, lack of investment in early childhood, and inflexible workplace policies. Clearly, when childcare is not affordable, it disproportionately affects women’s finances and careers.
Where Is The Legislation Headed?
On this International Women’s Day we can acknowledge the legislation that has allowed for women’s financial progress. Celebration of achievements is important. We also must recognize that much of this progress is currently at risk, particularly for younger generations of women.
The tide has been turning in a potentially disastrous direction. We have work to do to redirect the flow in a progressive direction that will benefit women today and in the future. Because, ultimately, advances for women, particularly those in marginalized groups such as Women of Color, Trans women, disabled women, etc., are advances for our entire society.