California Considers Corporate Disclosure of Historic Slavery Ties
California lawmakers continue grappling with the future of reparations. Despite uncertainties, legislative efforts persist. Assemblymember Isaac Bryan introduced Assembly Bill 2599, also known as the Truth in Disclosure Act.
This bill mandates major corporations in California with annual worldwide gross receipts exceeding $100 million to examine their historical records. They must submit sworn affidavits disclosing any past connections to chattel slavery.
If AB 2599 becomes law, it would require the California Civil Rights Department to establish an online public platform by January 3, 2028. This platform will archive corporate disclosures of historical ties to slavery. The focus will be on industries linked to the antebellum economy, such as insurance, banking, tobacco, cotton, sugar, railroads, and shipping.
“The Truth in Disclosure Act requires any company operating in California with annual worldwide gross receipts over $100 million to verify and search their records for wealth transactions related to chattel slavery and report this to the state for digital archiving,” stated Bryan.
The Senate Appropriations Committee advanced the legislation in August during the legislative ‘suspense file’ clearing process, moving it to the full Senate floor. If the bill is passed and signed by Governor Gavin Newsom, California would lead the nation by requiring private corporations to declare under oath their financial or historical links to slavery.
AB 2599 is part of an effort by the California Legislative Black Caucus, following recommendations from the state’s Reparations Task Force. Another proposition by Assemblymember Tina McKinnor aims to shield future reparations payments from state income taxes.
McKinnor expressed hope for the passage of related measures, stating, “Governor Newsom has shown leadership with laws benefiting descendants of enslaved people. I am hopeful he will sign AB 2186 into law.” Despite these ongoing efforts, cash reparations still face significant political and fiscal challenges in California. Newsom has been cautious about direct payments, having previously vetoed standalone legislation due to legal and budgetary concerns.
Meanwhile, federal policies during the Trump administration have opposed government-funded racial reparations. Civil rights attorney Lisa Holder, formerly of the California Reparations Task Force, emphasized the need for extensive legislative efforts to achieve full reparations.
“You can’t legislate yourself out of 400 years of inequality and injustice,” Holder shared with KQED. “An entire body of laws is necessary to change systems that have adversely impacted Black individuals for decades.”
Assemblymember Bryan did not respond to requests for comment from Fox News Digital.
Joshua Q. Nelson, a reporter for Fox News Digital, covers cultural trends, education, and public policy extensively. He has reported on reparations across the U.S., the Department of Education, and immigration issues. Nelson, who joined Fox News Digital in 2019, is a graduate of Syracuse University’s Maxwell School of Citizenship and Public Affairs and holds the University of Pennsylvania’s Wharton Public Policy Certificate.