On Sept. 30, California Gov. Gavin Newsom (D) signed Assembly Bill 2599, the Truth in Disclosure Act, which requires certain large companies doing business in California to disclose historical ties to chattel slavery.
The law applies to companies with more than $100 million in annual worldwide sales that existed, or had a predecessor company that existed, on or before Dec. 31, 1964. Covered companies must search historical records and submit sworn affidavits disclosing whether they, their affiliates, or predecessor companies participated in or profited from slavery-related transactions, including the purchase, sale, insurance, or use of enslaved people as collateral.
The California Civil Rights Department will publish the disclosures on a public digital platform. The first filings are due Jan. 15, 2029.
