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The California Legislature passed a measure Wednesday that will require large corporations that do business in the state to disclose their past ties to slavery.
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It now heads to Gov. Gavin Newsom.
Assembly Bill 2599 would force companies that have more than $100 million in sales annually across the world to search through their records for evidence that they, their predecessors or subsidiaries previously bought or sold enslaved people or provided financial support for those transactions, such as through insurance or loans. It was seen by some reparations advocates as a significant step, but others questioned that it was.
It only applies to a business that was in existence, or whose predecessor was in existence, before December 1964. The measure was opposed by insurance companies who saw it as duplicative of an earlier state law that required companies to disclose past policies they issued to slaveholders to cover the death or injury of enslaved people.
New York Life Insurance Company, Aetna Life Insurance Company and American International Group, known as AIG, were some of the businesses that listed previously disclosed ties to slaves and slaveholders.
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The measure would only go into effect if the Legislature sets aside money for it, as part of late amendments. The Civil Rights Department would be required to create a digital platform once money is allocated for it.
Assemblymember Isaac Bryan, D-Jefferson Park, said he was not concerned about that not happening.
“This is not big dollars,” he said. “And it’s not something that’s not going to happen.”
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Newsom has until Sept. 30 to sign or veto the measure.