Black Caucus Bill Requiring Major Corporations in California to Disclose Links to Slavery Moves Forward

June 29, 2026

California lawmakers are advancing Assembly Bill 2599, legislation that would require large corporations doing business in California to disclose any historical connections to slavery or profits derived from enslaved labor. The bill expands upon a 2000 law that mandated insurance companies reveal policies issued to slaveholders before the Civil War, broadening the requirement to include any company with over $100 million in annual worldwide receipts. Industries specifically targeted include textiles, tobacco, railroads, shipping, financial services, and insurance sectors that historically profited from slavery.

Who is affected

Large corporations doing business in California with over $100 million in annual worldwide gross receipts
Specific industries including textile, tobacco, railroad, shipping, rice, sugar, financial, and insurance companies
Financial institutions and insurers previously documented with slavery ties: JPMorgan Chase, Citibank, Bank of America, Wells Fargo, New York Life, AIG, and Aetna
Black Americans and descendants of enslaved people
California Legislative Black Caucus (CLBC) members
The general California public

What action is being taken

AB 2599 is moving through the California legislative process, having passed the Senate Judiciary Committee on June 23 with an 11-1 vote
The bill is now heading to the Senate Public Safety Committee for consideration
Qualifying corporations would be required to search their historical records and submit sworn affidavits under penalty of perjury disclosing documented ties to chattel slavery

Why it matters

This legislation is significant because it acknowledges that economic disparities facing Black Americans resulted from deliberate participation in chattel slavery rather than accident. The bill creates public accountability by requiring private sector companies to disclose how they built wealth through slavery, providing a historical accounting of institutional benefits derived from enslaved labor. It recognizes that many major corporations and financial institutions profited from slavery and continues California's leadership in transparency around this historical injustice, potentially informing broader conversations about reparations and reconciliation. The measure also serves educational purposes by documenting and preserving the depth and breadth of slavery's economic impact on American institutions.

What's next

AB 2599 will proceed to the Senate Public Safety Committee for consideration
If passed through subsequent legislative hurdles, qualifying corporations would need to review their historical records for slavery-related transactions
Companies would be required to submit sworn affidavits disclosing any documented ties to chattel slavery or profits derived from slavery

Read full article from source: The San Diego Voice & Viewpoint