Corporate
California law requires large companies to disclose historical ties to slavery
PN Team • 2 weeks ago
Gov. Gavin Newsom signed AB 2599, the Truth in Disclosure Act, on September 30, requiring large companies operating in California before 1965 to search records back to 1849 for ties to slavery, including insurance policies on enslaved people and their use as loan collateral. The law applies to companies doing business in the state with over $100 million in annual global revenue that existed by the end of 1964, covering parent companies, subsidiaries, and predecessors. First filings are due as early as January 15, 2029, with records kept online indefinitely. The bill's author, Assemblymember Isaac Bryan, said disclosures could lead to future action, naming agriculture, banking, and insurance as likely sectors implicated. Newsom simultaneously vetoed a separate bill exempting reparations payments from state income tax.
Sources:
Sentiment
- Gavin Newsom Newsom signed a transparency law on historical slavery ties and vetoed a related tax exemption bill, portraying him as taking action on a sensitive issue.
- California California is the setting of the new law, mentioned factually without clear reputational charge.