SO DUMB: California Now Planning to Force Companies to Disclose ‘Historic Links to Slavery’

California is proposing Assembly Bill 2599, which would compel companies with over $100 million in annual worldwide sales to investigate and disclose any past involvement their predecessors or subsidiaries had with slavery, including financial support or transactions. The bill faces opposition from insurance companies who cite existing similar disclosure laws and is contingent on legislative funding. This initiative is viewed by some as a move towards reparations, while others question its effectiveness and argue it could exacerbate the state’s existing business exodus.

• California is considering Assembly Bill 2599, requiring companies with over $100 million in annual sales to disclose historical ties to slavery.
• The bill mandates searching records for evidence of involvement in buying, selling, or financially supporting slave transactions.
• Insurance companies are pushing back, arguing that a similar California law already exists.
• The measure’s implementation is dependent on the Legislature allocating funds for it.
• The California Civil Rights Department would manage a digital platform for these disclosures.
• Some reparations advocates see the bill as progress, while others are skeptical of its impact.
• Critics suggest the bill may encourage further business departures from California.