Bill > HR4925

This bill requires publicly traded companies (referred to as "covered issuers") with over 100 employees or at least $300 million in capitalization to conduct an independent racial equity audit every two years. The audit must assess the company's policies on civil rights, diversity, and inclusion, and investigate whether the company or its predecessors had any historical ties to or profits from slavery. Companies must submit a detailed report to the Securities and Exchange Commission (SEC) disclosing their findings, including any steps taken to reconcile past connections to slavery. If companies fail to file an accurate report, they can be fined $20,000 per day, with half of these fines allocated to programs supporting minority low to moderate income communities, such as housing assistance, eviction prevention, and grants to historically Black colleges and universities. The bill also establishes an Office of Minority Low to Moderate Income Programs within the Treasury Department, which is authorized $3 billion to provide grants and support programs aimed at addressing historical economic disparities. Additionally, the bill creates incentives for whistleblowers to report non-compliance, with potential awards of at least $20,000 for providing original information that leads to successful enforcement.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/4925/all-info