Newsom signs first-in-nation law forcing major companies to reveal slavery-era ties: 'Make it public'
- California mandates companies with over $100M in revenue search historical archives for slavery-era ties.
- Businesses must report under penalty of perjury if they or their predecessors traded or insured enslaved people.
- Data will be dumped onto a public state-run digital portal for all to see.
- Insurance industry groups slam the law as redundant, citing existing disclosure requirements from 2000.
Brief Summary
Governor Gavin Newsom has signed AB 2599, a sweeping mandate forcing major corporations operating in California to audit their own history for connections to chattel slavery dating back to 1849. Companies with over $100 million in annual receipts must scour records for transactions involving enslaved people as loan collateral or insurance policies, then swear to their findings under penalty of perjury. The resulting data will be published on a state-run website, adding a new layer of bureaucratic scrutiny to corporate archives.
Why This Matters
This law signals a shift toward using public shaming and administrative burden as a tool for historical accountability. If you are a shareholder or employee of a major corporation, expect your company to divert resources toward legal and historical research teams to avoid perjury charges. Beyond the compliance costs, this sets a precedent for how state governments can leverage their market size to force private entities to participate in ongoing social justice projects, potentially impacting stock valuations and corporate PR strategies for years to come.