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Gov. Newsom Signs Bill Requiring Large Corporations to Disclose Profits From Chattel Slavery 

October 5, 2026

California has become the first state to mandate that large corporations disclose their historical connections to slavery after Governor Gavin Newsom signed Assembly Bill 2599 into law. Companies earning over $100 million annually that existed before 1964 must investigate and reveal any profits derived from the slave trade, submitting their findings under oath to the California Civil Rights Department by January 2029. These disclosures will be compiled into a publicly accessible online database, enabling researchers and advocates to trace how corporate involvement in slavery contributed to present-day wealth accumulation.

Who is affected

  • Large corporations with annual worldwide gross receipts exceeding $100 million that existed on or before December 31, 1964
  • Black Californians and descendants of enslaved people
  • The California Civil Rights Department (responsible for compiling disclosures)
  • Academics, journalists, and advocates who will access the database
  • The Alliance for Reparations, Reconciliation and Truth (ARRT) and approximately 44 supporting organizations
  • Assemblymember Isaac Bryan (bill author)
  • Governor Gavin Newsom
  • California's Task Force to Study and Develop Reparation Proposals for African Americans

What action is being taken

  • No explicit ongoing actions are described in the article. The bill has been signed into law, but the required corporate disclosures and database compilation are future actions with a 2029 deadline.

Why it matters

  • This legislation is significant because it establishes the foundation for understanding the full extent of corporate wealth generated from slavery, moving beyond anecdotal evidence to documented data. It represents a critical step toward corporate accountability and transparency regarding historical human rights violations. The law initiates conversations about private sector reparations and repair, not just public redress, and creates a mechanism for tracing how slavery-era commerce contributed to modern wealth inequality. As the first state-level legislation of its kind in the nation, it sets a precedent for corporate truth-telling and could inform comprehensive reparations efforts for Black Californians.

What's next

  • Qualifying businesses must submit their findings to the California Civil Rights Department via affidavit under penalty of perjury by January 15, 2029
  • The California Civil Rights Department will compile disclosures into a searchable public digital database

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