Racial Equity Audits for Companies and Community Funding
This act mandates large companies to conduct racial equity audits, assessing their practices and any ties to slavery. These companies must publish their audit reports. Additionally, the act establishes a new office within the Treasury Department to provide grants and financial support for Black communities.
Key points
Large companies (over 100 employees) must conduct independent racial equity, diversity, and inclusion audits every two years.
Companies must disclose any ties to slavery and the steps taken for reconciliation.
Audit reports will be publicly available, including on company websites.
Failure to report or providing false information will result in a $20,000 daily fine.
An Office of Reparations Programs will be established to provide grants for Black communities' startup capital and savings programs.
Expired
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