New California Reparations Law Requires Companies to Disclose Past Profits From Slavery
The law applies to companies with more than $100 million in annual worldwide receipts and makes sworn filings public in a searchable database.
- Governor Gavin Newsom signed the Truth in Disclosure Act , requiring major corporations operating in California to disclose whether they or their predecessors profited from slavery-era transactions.
- California established the Reparations Task Force in 2020 after Newsom signed AB 3121, creating the nation's first statewide task force to investigate slavery's historical and continuing effects.
- Companies with annual worldwide gross receipts exceeding $100 million must submit sworn disclosures about slavery-era ties, with records made publicly available through a searchable state database established by the Civil Rights Department.
- Insurance companies opposed the measure, claiming they already disclosed slavery connections through a 2000 state law resulting in a publicly available report, though supporters argue the new database offers improved transparency.
- By January 15, 2029, qualifying companies must file their first sworn affidavits under penalty of perjury. The Alliance for Reparations, Reconciliation, and Truth praised the law as essential to recognizing historical injustices and understanding modern economic disparities.
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Cal Matters
New California reparations law requires companies to disclose past profits from slavery
Gov. Newsom signed a law originating from California's reparations task force that will require companies to disclose past ties to chattel slavery.
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California Becomes First State to Require Corporations to Disclose Slavery Profits, AB 2599 Signed by Gov. Newsom
California continues to make progress on reparations, becoming the first state in the nation to require corporations to declare under oath whether they or their predecessors profited from slavery. On September 30, 2026, California Governor Gavin Newsom signed AB 2599, The Truth in Disclosure Act authored by Assemblymember Isaac Bryan and a top priority forContinue reading "California Becomes First State to Require Corporations to Disclose Slaver…
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