California is moving forward with a new law that will require large corporations to reveal their historical connections to slavery, having recently passed through the state’s legislature.
This bill is now on Governor Gavin Newsom’s desk, and he has until September 30 to either sign it or reject it.
Some insurance companies are pushing back, claiming this new law largely mirrors a previous California statute that compels insurers to reveal past policies issued to slaveholders, which included coverage for the deaths or injuries of enslaved individuals.
Companies like New York Life, Aetna, and AIG have previously acknowledged their connections to enslaved individuals and those who enslaved them.
While some advocates for reparations see this as a meaningful advancement, others are skeptical about its potential effectiveness.
The proposed legislation, known as Assembly Bill 2599, mandates that businesses with annual global sales exceeding $100 million to search their archives for any documented evidence of their involvement in the buying or selling of enslaved people, or in providing financial support for those activities, such as through insurance or loans.
However, the measure won’t be implemented unless the legislature allocates funding for its execution, a stipulation that was added through last-minute amendments.
Once funding is secured, the California Civil Rights Department will be responsible for developing a digital platform to facilitate these disclosures.
Assemblymember Isaac Bryan from Jefferson Park is optimistic about the platform’s creation. He stated, “This isn’t big dollars, and it’s not something that won’t happen.”
