California proposes bill requiring companies to disclose historic links to slavery

California is considering Assembly Bill 2599, which would require companies with more than $100 million in annual worldwide sales to disclose historic links to slavery. Under the proposed measure, companies must search their records to determine if they, their predecessors, or their subsidiaries were involved in the buying or selling of enslaved people or provided financial support for such transactions through loans or insurance.

If the legislation passes and the state legislature allocates necessary funding, the California Civil Rights Department will be tasked with creating a digital platform to host these disclosures. While some reparations advocates view the bill as a meaningful step, insurance companies have expressed opposition, arguing that the requirement largely duplicates existing laws regarding the disclosure of past policies issued to slaveholders.

Companies such as New York Life Insurance Company, Aetna Life Insurance Company, and American International Group (AIG) have previously disclosed ties to enslaved people or slaveholders.