Corporate Racial Equity Audits and Atonement Funds for Descendants of Enslaved Persons.
This law requires large corporations to conduct biennial audits assessing their racial equity policies and historical ties to slavery. Companies identifying such ties must disclose reconciliation plans, often involving financial support for low-to-moderate income minority communities. Fines for non-compliance will fund housing assistance and startup capital programs for these communities.
Key points
Large companies (100+ employees or $300M+ capitalization) must publicly report on their historical links to slavery and their reconciliation efforts.
Establishes the Office of Minority Low to Moderate Income Programs within the Treasury, authorized to receive $3 billion for financial support programs for LMI minority individuals.
Fines levied against non-compliant companies are directed toward housing assistance (e.g., down payments, foreclosure aid) and startup capital programs for minority communities.
Expired
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