California Governor Signs First‑In‑Nation Law Requiring Major Companies to Disclose Slavery‑Era Ties

California Gov. Gavin Newsom signed AB 2599, a landmark bill that compels businesses with more than $100 million in worldwide gross receipts and that existed before December 31, 1964, to search their records for slavery‑era transactions and submit affidavits under penalty of perjury. The law mandates that companies operating in California by January 1, 2028 file their affidavits by January 15, 2029, and that the findings be posted on a state digital platform. The measure follows a 2023 Reparations Task Force report and seeks to expose corporate wealth tied to slavery, though it faced opposition from several insurance industry groups who argued the disclosures duplicated existing requirements. The law is part of California’s broader reparations agenda, which includes policy changes in housing, education, policing, health and economic disparities.