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[POLITICS] · United States · 3 sources

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California enacts law requiring corporate disclosure of slavery-related profits

reparations law corporate disclosure slavery profits AB 2599 California policy

California Governor Gavin Newsom has signed Assembly Bill 2599, known as the Truth in Disclosure Act. This first-in-the-nation law requires large corporations doing business in the state to disclose whether they or their predecessor entities profited from chattel slavery.

The legislation applies to companies with annual worldwide gross receipts of $100 million or more. These entities must submit sworn affidavits, subject to the penalty of perjury, detailing historical and financial ties to enslavement-related transactions. The law specifically targets companies that existed, or had a predecessor that existed, on or before December 1964.

To ensure transparency, the California Civil Rights Department will establish a publicly searchable digital database containing these records. Supporters, including the California Legislative Black Caucus, intend for the database to serve as a tool for researchers, journalists, and advocates to trace connections between historical slave-economy participation and modern corporate wealth. The first round of affidavits is due by January 15, 2029.

Entities

California Civil Rights Department · California Legislative Black Caucus · Gavin Newsom · Isaac Bryan · JP Morgan Chase

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

New California reparations law requires companies to disclose past profits from slavery [www.rwcpulse.com]
California's Reparations Progress: Corporations Must Disclose Profits [equaljusticesociety.org]
New California reparations law requires companies to disclose past profits from slavery [www.paloaltoonline.com]