Major companies doing business in California would be required to disclose historical ties to slavery under a bill advancing in the state Legislature.
Los Angeles Democratic Assembly member Isaac Bryan is the author.
"I think we should have a true and honest public accounting on the private wealth that's been generated and extracted from our collective ownership of Black bodies during chattel slavery," said Bryan. "Many of the major financial institutions in this country, some of the foundational wealth that was generated was generated from chattel slavery."
'Chattel slavery' refers to enslaved people legally classified as personal property.
The bill applies to corporations and retailers with global gross receipts exceeding $100 million-a-year.
Insurance trade groups oppose the measure and say it's duplicative since California has an older law requiring slave-era policy disclosures.
The bill has passed the Senate Public Safety Committee. It heads next to Appropriations.