California has seen a mass exodus of companies from their state in recent years due to ridiculously high taxes, burdensome regulations, and the draconian lock down policies of Gavin Newsom during Covid-19.
Are they trying to fix any of this in order to retain the businesses that haven’t fled? Nope. In fact, they are about to make things even worse.
California is now planning to force companies to disclose any historic ties to slavery. Is Governor Newsom aware that California never even had slavery?
From the New York Post:
The bill is facing pushback from insurance companies, which argue it largely repeats an earlier California law requiring insurers to disclose past policies issued to slaveholders that covered the death or injury of enslaved people.
New York Life Insurance Company, Aetna Life Insurance Company and American International Group, known as AIG, were among the companies that disclosed ties to enslaved people and slaveholders.
Some reparations advocates have viewed the measure as a significant step forward, while others have questioned how much of an impact it would actually have.
The bill, known as Assembly Bill 2599, would require companies with more than $100 million in annual worldwide sales to search their records for evidence that they, their predecessors or subsidiaries bought or sold enslaved people or provided financial support for those transactions, including through insurance or loans.
The measure would only take effect if the Legislature sets aside funding for it, a requirement added through late amendments.
Once funding is allocated, the California Civil Rights Department would be required to create a digital platform for the disclosures.
Companies are going to keep leaving, and who can blame them?
