Could New York’s Reparations Commission Target Wall Street, Insurance Companies for Southern Slavery?

As a New York commission meets this year to address the state’s “legacy of slavery,” the next front of the reparations battle could be the extent to which the private sector — especially long-standing financial institutions in the state — will be held responsible for the lingering effects of slavery more than 150 years after it was outlawed.  Governor Hochul appointed nine members to a state commission on reparations remedies in February, following California’s lead in creating a state-level task force to study the topic and create a report of recommendations. It comes as a slew of reparations efforts are taking place across the country, and as President Biden faces mounting pressure to take “action on reparations” during the election year.  While no one knows exactly what New York’s reparations efforts will look like — the commission has a year to issue its report — some experts say that the state’s history of slavery and racism extends beyond the government’s role, and thus requires an “all-in” approach.  Those responsible for the harms of slavery also include “private actors — which banks, financial institutions and corporations are complicit,” the founder of Reparations Equity Lab, Enith Williams, tells the Sun.  “We certainly...