California Considers Forcing Companies To Research Possible Slave Ties in Their Past

As several large companies leave California over high taxes and burdensome regulations, lawmakers are considering another research and reporting requirement for big business.Corporations in specific industries would be forced to verify that they have searched their records to determine whether they — or predecessor entities — participated in or facilitated the business of slavery in the pre-Civil War era under a new proposal.California lawmakers are considering the Slavery: Corporate Disclosures bill, authored by Assemblymember Isaac Bryan, which would require textile, tobacco, railroad, shipping, rice, sugar, financial, and insurance companies with annual worldwide gross receipts that exceed $100 million to submit sworn affidavits — subject to perjury penalties — about their possible slavery ties. Companies would have to pay for the research on their own.The bill expands on current law that requires companies in the state to disclose efforts to eradicate present-day slavery and human trafficking from their supply chain.Mr. Bryan says transparency regarding slavery is essential to responsible governance and ethical business standards.“For too long, corporations have been allowed to benefit from the economic engine of slavery while avoiding any public accounting of that history,” Mr. Bryan said. “Californians deserve to know which companies built their wealth on the backs of enslaved people — and they deserve that truth under oath.”The insurance industry has spoken out against the legislation saying it is already required to identify and disclose whether they sold policies on enslaved people or their owners prior to the Civil War. That requirement comes under a law that has been on the books since 2000.The Assembly Judiciary Committee voted 9-3 on Tuesday to advance the bill to the Appropriations Committee. The proposal is a top priority for the California Legislative Black Caucus.The bill would create a public database that advocates claim would give journalists, researchers, and reparations advocates a tool to trace historical profits to present-day corporate wealth.“We cannot have an honest conversation about reparations — or corporate accountability — without first establishing the facts,” civil rights attorney Lisa Holder said. “This bill compels companies to stop hiding behind the fog of history and go on record.”The state government and several localities are in the process of studying or setting up reparations programs.Governor Gavin Newsom signed legislation last year creating a state agency dedicated to processing reparations claims for descendants of slaves and allocated $12 million to the initiative.In December, San Francisco’s mayor signed an ordinance creating a reparations fund for black residents while admitting the cash-strapped city does not have any money to fund it.In January, Santa Monica approved the launch of a $3.5 million Restorative Justice Fund. The city touted it as “one of the largest locally funded restorative justice initiatives of its kind.”The Chicago suburb of Evanston became the first American city to fund reparations. The $20 million program was designed to hand out $25,000 payments to black residents. It stopped making payments last year after it ran into funding problems because a marijuana tax didn’t raise as much money as anticipated. It also is being sued because only black residents were allowed to apply for payments.

California Considers Forcing Companies To Research Possible Slave Ties in Their Past

California Considers Forcing Companies To Research Possible Slave Ties in Their Past

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