California moves to compel major firms to reveal historic slavery ties
The California legislature approved a bill that would require large corporations to disclose any past involvement with slavery, and the measure now awaits Governor Gavin Newsom’s signature.
A new California law, Assembly Bill 2599, has cleared the state legislature and is headed to Governor Gavin Newsom, who has until September 30 to act. The bill targets corporations whose annual global revenue tops $100 million, mandating a search of historical records for any role in the purchase, sale, insurance, or financing of enslaved individuals. Its enforcement hinges on the Legislature setting aside the necessary budget, after which the California Civil Rights Department will create a digital system for public disclosures.
Insurance companies, including New York Life Insurance Company, Aetna Life Insurance Company and American International Group, have already disclosed ties to slaveholders and are contesting the measure as a duplication of existing requirements. While some reparations supporters view the legislation as a meaningful step, others doubt its effectiveness. Assemblymember Isaac Bryan, who sponsored the bill, expressed confidence that the required online platform can be developed smoothly.
Why it matters
The law could expose corporate histories of slavery, influencing accountability and reparations discussions.
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