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This week, California Governor Gavin Newsom signed into law Senate Bill 54, which will require venture capital firms in the state to annually report the diversity of the founders they are backing. This is the United States’ first piece of legislation that aims to increase diversity within the venture capital landscape; and the law will go into effect on March 1, 2025.
“This bill resonates deeply with my commitment to advance equity and provide for greater economic empowerment of historically underrepresented communities,” Gov. Newsom wrote in his letter signing the bill.
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