Newsom Signs AB 2599 Requiring $100 Million Companies to Disclose Slavery Ties
Updated
Updated · Fox News · Oct 21
Newsom Signs AB 2599 Requiring $100 Million Companies to Disclose Slavery Ties
3 articles · Updated · Fox News · Oct 21
Summary
California's AB 2599 requires companies doing business in the state with more than $100 million in annual global revenue to search records for slavery ties dating back to 1849.
The law covers firms that existed in some form by the end of 1964 and extends to parent companies, subsidiaries and predecessors, including records on selling or leasing enslaved people, using them as loan collateral or insuring them.
First disclosures could be due by Jan. 15, 2029, once lawmakers fund implementation, and the filings would be posted online indefinitely under penalty of perjury.
The measure grew out of California's reparations task force, while Newsom on the same day vetoed a separate bill that would have exempted reparations payments from state income tax.