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7 It was in this context that Congress passed the Equal Credit Opportunity Act in 1974, prohibiting discrimination based on sex and marital status, and subsequently amended it in 1976 3 For a more detailed discussion of modern credit scoring models, see Mester (1997).
On March 16, 1964, President Johnson called for the act in his Special Message to Congress that presented his proposal for a nationwide war on the sources of poverty. The Economic Opportunity Act of 1964 was passed as a part of LBJâs War on Poverty.Encompassing John F. Kennedy âs purpose of the Civil Rights Act of 1964, the Economic Opportunity Act of 1964 was created âto eliminate the paradox of poverty on the midst of plenty in this nation by openingâ¦.hese agencies are directly regulated by the federal government. It is the purpose of The Economic Opportunity Act to strengthen, supplement, and coordinate efforts in furtherance of that policy.