Congressman Al Green and Congresswoman Joyce Beatty Introduce the Original Securities and Exchange Atonement Act –Requiring Companies to Conduct Audits into Racial Equity and[...]

(Washington, D.C.) - On Friday, July 5, 2024, Congressman Al Green introduced the Original Securities and Exchange Atonement Act of 2024, co-led by Congresswoman Joyce Beatty (OH-3). The proposed bill amends the Securities Exchange Act of 1933 to require that companies conduct audits into their policies and practices on civil rights, equity, diversity, and inclusion as well as historical connections to slavery.

The bill requires the report to be filed with the Securities and Exchange Commission (SEC) and made available to the public. If the audit finds direct or indirect ties to the institution of slavery, the company must disclose actions it has taken to reconcile for such profits. Failure to issue the audit report would result in fines against the liable company or employee. Such fines would be directed towards housing programs at the Department of Housing and Urban Development (HUD) as well as a new Office of Minority Low to Moderate Income Programs within the Department of the Treasury for grants to low- to moderate-income (LMI) minority recipients.

"America gave us a check marked 'insufficient funds,' so I joined my dear friend, Rep. Al Green, in introducing a bill that will begin to bring justice to African Americans and transparency to the activities of this country's most powerful companies, many of which were built on the institution of slavery," said Rep. Joyce Beatty. "This legislation also creates new grants such as startup capital and funded savings programs in low-to-middle income (LMI) communities that will bridge the racial wealth gap in this country."

"I thank Rep. Beatty for joining as a co-lead on this legislation, which would ensure that our financial system promotes transparency and accountability for racial injustice and inequality. I also thank Financial Services Committee Ranking Member Maxine Waters for her longstanding leadership on racial and economic equality. Financial inequity for African Americans has been perpetuated by companies that are known to have benefited from the institution of slavery," stated Congressman Al Green. "Slavery was one of the worst crimes against humanity and endured by those who built our great nation. Companies with historical connections to slavery must take ethical responsibility by funding housing programs and grant programs that uplift underserved communities. This would ensure that these entities help restore the same communities that have been deprived of generational wealth due to the legacy of slavery."