California mandates large firms disclose historic slavery-related transactions

Governor Gavin Newsom enacted a pioneering California law that forces large corporations to examine historic archives for any ties to slavery from 1849 onward and make those findings publicly accessible. Assembly Bill 2599 applies to companies earning more than $100 million worldwide that were in existence, or had a predecessor, on or before December 31, 1964, requiring them to submit perjury-penalized affidavits confirming such searches.

The disclosed information will be hosted on a state digital portal, with the inaugural filing deadline set for January 15, 2029 for firms doing business in the state as of January 1, 2028. The legislation builds on the state’s reparations task force work and cites examples like JPMorgan Chase’s historical use of enslaved people as loan collateral. Insurance trade groups, including the American Council of Life Insurers and the American Property Casualty Insurance Association, opposed the bill, arguing it duplicates earlier reporting requirements. The law aims to increase corporate accountability by bringing hidden aspects of wealth accumulation to light.