California lawmakers have advanced a bill that would require major corporations to disclose any historical ties to chattel slavery, marking a potential first-in-nation mandate if signed into law. Assembly Bill 2599, introduced by Assemblymember Isaac Bryan (D-Ladera Heights), passed the Senate Appropriations Committee in August and is now headed to the full Senate floor for consideration.
The legislation, known as the Truth in Disclosure Act, would compel corporations with annual worldwide gross receipts exceeding $100 million to conduct historical record reviews and submit sworn affidavits detailing any past financial or operational connections to chattel slavery. If enacted, the California Civil Rights Department would establish a public digital archive by January 3, 2028, to store these disclosures.
Key provisions of AB 2599
The bill targets industries historically linked to the antebellum economy, including insurance, banking, tobacco, cotton, sugar, railroads, and shipping. Companies would be required to verify records for transactions or wealth accumulated through chattel slavery and report findings to the state. The disclosures would then be made publicly accessible via the digital platform.
Assemblymember Bryan stated in a press release: “The Truth in Disclosure Act requires any company doing business in California with annual worldwide gross receipts of over $100 million to verify and search their records for any transactions related to wealth gained during chattel slavery and report that wealth to the state to be held in a digital archive.”
Legislative timeline and broader context
AB 2599 was advanced as part of the Senate Appropriations Committee’s “suspense file” clearing process in August, moving it closer to a full Senate vote. If passed and signed by Governor Gavin Newsom, California would become the first state to mandate such disclosures under oath from private corporations.
The bill is part of a broader initiative by the California Legislative Black Caucus, which follows recommendations from the state’s Reparations Task Force. Another related measure, introduced by Assemblymember Tina McKinnor (D-Inglewood), seeks to establish a reparations fund for descendants of enslaved people, though its progress remains uncertain.
Uncertain future for reparations amid legislative action
While AB 2599 progresses, the future of broader reparations payments in California remains unresolved. Earlier this year, a county-level reparations plan was approved in California, but neighboring efforts, such as a school district’s “Black Thriving” initiative, have stalled. The state’s reparations task force has not yet finalized recommendations for direct cash payments, leaving the scope and implementation of reparations unclear.
Corporate accountability and historical reckoning
Proponents of AB 2599 argue that the bill represents a necessary step toward transparency and accountability for corporations that may have profited from slavery. The digital archive would provide public access to historical records, allowing for scrutiny of corporate ties to chattel slavery.
Opponents have not publicly detailed objections to the bill in the provided sources, though critics of reparations efforts generally argue that such measures could impose undue burdens on businesses or set problematic precedents for historical liability. The bill’s path forward depends on further legislative action and the governor’s approval.