• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
PoliticsNew York

New York Governor Kathy Hochul signs bill creating commission to consider reparations for the persistent effects of slavery

By
Maysoon Khan
Maysoon Khan
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Maysoon Khan
Maysoon Khan
and
The Associated Press
The Associated Press
Down Arrow Button Icon
December 20, 2023, 4:45 AM ET
New York Gov. Kathy Hochul signs a bill in New York, on Dec. 19, 2023, to create a commission tasked with considering slavery reparations. She is joined by, from left: Dr. Yohuru Williams of the Racial Justice Initiative at the University of St. Thomas; Andrea Stewart-Cousins, Majority Leader of the NY State Senate; Michaelle Solages, NY State Assembly Woman; Rev. Al Sharpton; Carl Heastie, Speaker of the NY State Assembly; and James Sanders, NY State Senator.
New York Gov. Kathy Hochul signs a bill in New York, on Dec. 19, 2023, to create a commission tasked with considering slavery reparations. She is joined by, from left: Dr. Yohuru Williams of the Racial Justice Initiative at the University of St. Thomas; Andrea Stewart-Cousins, Majority Leader of the NY State Senate; Michaelle Solages, NY State Assembly Woman; Rev. Al Sharpton; Carl Heastie, Speaker of the NY State Assembly; and James Sanders, NY State Senator. Office of the Governor via AP
Add Fortune on Google for similar content.

New York state will create a commission tasked with considering reparations to address the persistent, harmful effects of slavery in the state, under a bill signed into law by Gov. Kathy Hochul on Tuesday.

It comes at a time when many states and towns throughout the United States attempt to figure out how to best reckon with the country’s dark past, and follows in the footsteps of similar task forces established in California and Illinois.

“In New York, we like to think we’re on the right side of this. Slavery was a product of the South, the Confederacy,” Hochul, a Democrat, said at the bill signing ceremony in New York City. “What is hard to embrace is the fact that our state also flourished from that slavery. It’s not a beautiful story, but indeed it is the truth.”

The law, which was passed by state lawmakers in June, says the commission will examine the institution of slavery, which was fully abolished in New York by 1827, and its ongoing impact on Black New Yorkers today.

“The battle for civil rights was not below the Mason–Dixon line. The largest port of slave trade was in Charleston, South Carolina and Wall Street, New York,” said the Rev. Al Sharpton, who spoke at the signing ceremony. “So this today starts a process of taking the veil off of northern inequality and saying we must repair the damage and it can be an example for this nation.”

The nine-member commission will be required to deliver a report a year after its first meeting. Its recommendations could potentially include monetary compensation but would be non-binding. The panel’s findings are intended to spur policy changes, programs and projects that attempt to remedy slavery’s harmful effects.

The idea of using public money to compensate the descendants of enslaved people is almost certain to draw a backlash from some, including some white people who don’t believe they should have to pay for the sins of long-ago ancestors, and other ethnic groups that weren’t involved in the slave trade.

Sharpton said he expected Hochul to pay a political price for convening the commission.

“I want to give credit to this governor for having the audacity and courage to do what others wouldn’t do. And I know she had to wrestle with it. And I know her political advisors told her it’s too risky,” the famed civil rights activist said. “But she did it because it’s right.”

The governor and the legislative leaders of the state Assembly and Senate will each appoint three qualified members to the commission. They have 90 days to make their picks.

“This is not just about who we’re going to write a check to, and what the amount is,” said Democratic Assembly Speaker Carl Heastie, the first Black person to hold the position.

“It begins the conversation with one recognizing the issues that affected Black people and descendants of slaves in this state,” he said.

State Senate Republican Leader Rob Ortt said in a statement that he believes New York’s recommendations will come at an “astronomical cost” to all New Yorkers.

“The reparations of slavery were paid with the blood and lives of hundreds of thousands of Americans who fought to end slavery during the Civil War,” he said. He added that it’s unrealistic for states to meet the potentially expensive price tag that could come with cash reparations.

California in 2020 became the first state to create a reparations task force. The group handed its two-year report to state lawmakers in June, who then introduced a bill that would create an agency to carry out some of the panel’s more-than 100 recommendations, including helping families with genealogical research. But turning those proposals into policies could be difficult, given the state is facing a heavy budget deficit.

Other states, including Massachusetts and New Jersey, have considered studying reparations, but none have yet passed legislation. A Chicago suburb in Evanston, Illinois, became the first city to make reparations available to Black residents through a $10 million housing project in 2021.

Cornell William Brooks, a professor at the Harvard Kennedy School who teaches civil rights and researches the economics of reparations, said state-led initiatives similar to New York’s are crucial for reaching national reconciliation and repair.

“States and municipalities cannot solve a national problem by themselves, but they can be a means by which we reach a national solution,” he said.

The U.S. Congress apologized to African Americans for slavery in 2009, but a federal proposal to create a commission studying reparations has long stalled.

The legislation establishing the New York commission notes that the first enslaved Africans arrived at the southern tip of Manhattan Island, then a Dutch settlement, around the 1620s and helped build the infrastructure of New York City — “including the wall that gives Wall Street its name.”

New York City Mayor Eric Adams on Tuesday expressed support for the measure, noting that some venerable institutions in New York, as elsewhere, are tied to wealth that derived from exploiting the labor of enslaved people.

“We have to reckon with that,” Adams, a Democrat and former state senator, said during a City Hall news conference.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Maysoon Khan
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Politics

All hail London—whatever the U.K.’s new Prime Minister says 
EuropeLetter from London
All hail London—whatever the U.K.’s new Prime Minister says 
By Kamal AhmedJuly 23, 2026
48 minutes ago
President Donald Trump makes a statement on the census with Secretary of Commerce Wilbur Ross (L) in the Rose Garden of the White House on July 11, 2019 in Washington, DC.
EconomyIran
Trump faces a Catch-22 on Iran because of midterms, says his former commerce secretary: Face inflation furor, or withdraw and look weak
By Eleanor PringleJuly 23, 2026
4 hours ago
Medicaid Services administrator Dr. Mehmet Oz speaks before Vice President JD Vance at the Wisconsin Air National Guard facility at Milwaukee Mitchell International Airport.
PoliticsDonald Trump
Trump admin deferring $1 billion-plus Medicaid payments to California and Minnesota amid ‘suspected fraud’
By The Associated Press and Ali SwensonJuly 22, 2026
17 hours ago
‘It’s called StreetEasy, not StreetHard’: Mamdani cracks down on scourge of ‘housefishing’ and ‘real estate slop’
Real EstateHousing
‘It’s called StreetEasy, not StreetHard’: Mamdani cracks down on scourge of ‘housefishing’ and ‘real estate slop’
By Tatiana SatauaJuly 22, 2026
17 hours ago
Canadian Prime Minister Mark Carney speaks to US President Donald Trump in front of a window.
EconomyDonald Trump
Carney and Trump agree to speed up trade negotiations a day after Trump puts a 50% tariff on Canadian goods
By The Associated Press and Jim MorrisJuly 22, 2026
19 hours ago
Trump Accounts draw 6.5 million sign-ups, but some families are still waiting on the promised $1,000 funding
InvestingDonald Trump
Trump Accounts draw 6.5 million sign-ups, but some families are still waiting on the promised $1,000 funding
By The Associated Press and Moriah BalingitJuly 22, 2026
21 hours ago

Most Popular

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
Real Estate
The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind
By Nick LichtenbergJuly 22, 2026
22 hours ago
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
3 days ago
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
Economy
Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
By Sasha RogelbergJuly 22, 2026
19 hours ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
2 days ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
2 days ago
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
Cybersecurity
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
By Jeremy Kahn and Emily ForliniJuly 21, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.