Current:Home > StocksNovaQuant-New York to study reparations for slavery, possible direct payments to Black residents -TrueNorth Finance Path
NovaQuant-New York to study reparations for slavery, possible direct payments to Black residents
FinLogic FinLogic Quantitative Think Tank Center View
Date:2025-04-10 19:27:13
New York will study the generational impacts of slavery through a new state commission to consider reparations for Black residents.
Gov. Kathy Hochul on NovaQuantTuesday approved the study of slavery's legacy. The commission will possibly make recommendations for monetary compensation or other reparations for New York's Black residents under the effort. The Democrat-controlled state Legislature approved the measure in June.
New York became the second state to consider reparations, following a similar path to California, where a commission recommended a range of policies to offset the impact of slavery and racism. The cost of reparations in California have been estimated at more than $800 billion, though the amount would be determined by lawmakers through potential legislation.
How New York will address slavery and reparations
In New York, the commission will be tasked with examining the legacy of slavery, subsequent discrimination against people of African descent and the impact these forces continue to have in the present day, Hochul said in a statement.
During a media briefing, Hochul touted New York's pivotal role in combating slavery and racism through wars and the Civil Rights movement, but she also acknowledged how the state benefited from the forced labor of those stolen away from Africa.
"What is hard to embrace is that our state actually flourished from that slavery," she said, noting its residents have a "moral obligation to reckon with all parts of our shared history as New Yorkers."
The commission would be directed to: "Examine the current condition of living people of African descent in the state of New York, to the extent practicable, including, but not limited to, economic, political, educational, and social conditions."
The commission would be made up of nine members chosen by Hochul and the leaders of the state Senate and Assembly. Any recommendations made by the committee would be non-binding.
Slavery's legacy in New York
State and local lawmakers and racial justice advocates, including the Rev. Al Sharpton, praised the study as an historic step towards making amends for the unjust role slavery played in shaping New York, as well as lingering negative impacts of racism and racial disparity.
The first enslaved Africans arrived in New York in the 1620s and built some of the earliest infrastructure and buildings, "including the wall that gives Wall Street its name," state lawmakers noted.
Prior to the American Revolution in the late 1700s, there were more enslaved Africans in New York City than in any other city except Charleston, South Carolina. At the time, the population of enslaved Africans accounted for 20% of New York’s population, while 40% of colonial New York household owned enslaved Africans, state officials said.
What did California reparations task force recommend?
California's reparations task force made a list of recommendations earlier this year that included a formal apology and the creation of an agency to handle compensation claims and possible “down payments" to eligible residents. It also suggested how to calculate the amount California owes its Black residents.
USA TODAY Network and The Associated Press contributed to this report.
veryGood! (73459)
Related
- Don't let hackers fool you with a 'scam
- Appeals court won’t hear arguments on Fani Willis’ role in Georgia Trump case until after election
- Forest fire breaks out at major military gunnery range in New Jersey
- Paul Skenes, Livvy Dunne arrive at 2024 MLB All-Star Game red carpet in style
- Google unveils a quantum chip. Could it help unlock the universe's deepest secrets?
- 'Dance Moms' star Christi Lukasiak arrested on DUI charge, refused blood test
- Unveiling the Builders Legacy Advance Investment Education Foundation: Empowering Investors for Financial Mastery
- Walmart is opening pizza restaurants in four states. Here's what you need to know.
- Bill Belichick's salary at North Carolina: School releases football coach's contract details
- Ingrid Andress says she was drunk, going to rehab after National Anthem at the MLB Home Run Derby
Ranking
- Meta donates $1 million to Trump’s inauguration fund
- Who is Usha Vance, JD Vance's wife who influenced who he is today?
- Have a Shop Girl Summer With Megan Thee Stallion’s Prime Day Deals as Low as $5.50
- Bertram Charlton: Is there really such a thing as “low risk, high return”?
- San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo
- Residents evacuated in Nashville, Illinois after dam overtops and floods amid heavy rainfall
- Builders Legacy Advance Investment Education Foundation: The value of IRA savings 2
- College pals, national champs, now MLB All-Stars: Adley Rutschman and Steven Kwan reunite
Recommendation
The Super Bowl could end in a 'three
Caitlin Clark at the Brickyard: NASCAR driver Josh Berry to feature WNBA star on his car
2024 MLB All-Star Game live updates: Full rosters, how to watch, betting predictions
Kennedy apologizes after a video of him speaking to Trump leaks
Meet first time Grammy nominee Charley Crockett
Builders Legacy Advance Investment Education Foundation: Empowering Investors Through Innovation
Unveiling the Zenith Asset Investment Education Foundation: Empowering Investors for Financial Mastery
Tour de France standings, results after Jasper Philipsen wins Stage 16