Gov. Gavin Newsom signs historic law forcing large companies to disclose slavery-era ties
Governor Gavin Newsom signed Assembly Bill 2599 on June 10, 2026, making California the first state to require large corporations to publicly disclose any ties to slavery-era transactions.
The law, dubbed the Truth In Disclosure Act, applies to companies that earned more than $100 million in worldwide gross receipts and were in business on or before Dec. 31, 1964, or have a predecessor that met that criterion. Affected firms must search historical records for purchases or sales of enslaved people, the use of enslaved labor as loan collateral, slavery‑related insurance policies and similar transactions, then submit sworn affidavits under penalty of perjury.
"The State of California accepts responsibility for the role we played in promoting, facilitating, and permitting the institution of slavery, and its enduring legacy of persistent racial disparities," Newsom said in a 2024 press release quoted in the filing.
Submitted findings will be posted to a state‑run online database, with the first affidavits due by Jan. 15, 2029 for companies operating in California as of Jan. 1, 2028. The legislation was authored by Democratic Assemblymember Isaac Bryan, who emphasized that centuries‑old corporate profits derived from chattel slavery must be exposed.
"For centuries, private corporations across the country benefited from chattel slavery," Bryan said during a Senate committee hearing.
AB 2599 also expands the law’s reach beyond corporate wealth to address supply‑chain slavery and human trafficking, though the primary focus is historical accountability. Critics argue the measure is part of a larger reparations push, noting California’s earlier actions such as the 2020 reparations task force and a 2024 formal state apology for slavery.
The bill faced opposition from several insurance industry groups, including the American Council of Life Insurers and the American Property Casualty Insurance Association, who warned it duplicates reporting already required under a 2000 law that forced insurers to disclose slavery‑era policies.
California already requires insurers to research and disclose such policies, and the Department of Insurance maintains those historical records. Supporters say the new corporate disclosure will fill a gap by targeting non‑insurance firms whose historical dealings have remained hidden.
Implementation will be funded by the state legislature, and the digital platform is expected to be operational by early 2029. The law represents a pioneering effort to blend corporate transparency with social‑justice objectives, and its rollout will be watched closely by other states contemplating similar measures.
