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December 16, 2020
On Dec. 14, the ABC-led Coalition for a Democratic Workplace submitted comments on the U.S. Department of Labor’s proposed rule providing additional information to labor organization members and the public about the financial activities of labor organizations under the Labor-Management Reporting and Disclosure Act of 1959.
According to a DOL news release, the proposal, officially titled Labor Organization Annual Financial Reports: LM Form Revisions, would revise Form LM-2, which labor organizations use to report their financial conditions and operations. Additionally, the proposal would introduce a new enhanced LM-2 Long Form for labor organizations with annual receipts of $8,000,000 or more.
In its comments, CDW expressed its support for the agency’s proposed revisions saying, “While we do suggest a number of small revisions, the Department clearly took advantage of a decade of experience and technological advancement. The proposed rule is a significant improvement over the changes made in 2009.”
The comments further state, “Current financial disclosure rules allow unions to obscure vital financial information that make it virtually impossible for union members, employers and the general public to fully understand a union’s financial health, investments and expenditures.”
Additional information on Form LM-2 and the LMRDA can be found on the DOL website.
ABC will continue to keep members informed of any developments about this rulemaking in Newsline.
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