To amend the Securities Act of 1933 to require covered issuers to carry out a racial equity audit every 2 years, to require atonement for the descendants of enslaved persons, and for other purposes.
About This Bill
Committee
Latest Action · July 5, 2024
Referred to the House Committee on Financial Services.
The Original Securities and Exchange Atonement Act of 2024 would require large publicly traded companies to conduct racial equity audits every two years and disclose whether they or their predecessors profited from slavery. Companies with more than 100 employees or over $300 million in market capitalization would need to assess their civil rights and diversity policies, and those with ties to slavery would be required to take reconciliation steps such as providing grants to historically Black colleges and universities or funding housing and startup capital programs in low-income minority communities. Companies that fail to issue these reports or submit false information would face fines of $20,000 per day, with half of the collected fines going to a new Treasury Department office for minority economic programs and half going to the Department of Housing and Urban Development for housing assistance and other programs. The bill also authorizes $3 billion in funding for the new Office of Minority Low to Moderate Income Programs and creates whistleblower protections and private rights of action for securities holders harmed by noncompliance.
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