Racial Equity Audits and Slavery Reparations for Corporations
This new law mandates large corporations to conduct biennial racial equity audits, including an assessment of their historical ties to slavery. Companies with such ties must disclose their reconciliation efforts, which may involve supporting minority communities. Non-compliance will result in significant fines, with proceeds directed towards programs assisting low-to-moderate income individuals, including housing aid.
Key points
Large companies (over 100 employees or $300M capitalization) must conduct biennial audits on racial equity and historical ties to slavery.
Companies with slavery ties must disclose reconciliation steps, such as supporting Historically Black Colleges and Universities or savings programs for low-income individuals.
Failure to report or providing false information will result in substantial fines for companies and employees, funding programs for low-to-moderate income minorities in housing and entrepreneurship.
Individuals harmed by non-reporting can sue companies, and whistleblowers providing original information leading to enforcement will receive financial awards.
Status:
Introduced
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