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It?s time to update union financial reporting requirements

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Unread 12.23.20, 06:01 AM
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It?s time to update union financial reporting requirements

12.22.20 07:19 AM

Americans for Prosperity’s sister organization, Americans for Prosperity Foundation, filed a public comment December 14 in support of a U.S. Department of Labor proposed rule to update union financial reporting requirements. Although an update to reporting requirements has been considered at other times, a significant update was last implemented in 2004, requiring new levels of transparency and detail in union finances that must be annually reported to the public. The newest notice of proposed rulemaking, *“Labor Organization Annual Financial Reports: LM Form Revisions,” seeks “to improve the Form LM-2 and establish a FORM LM-2 Long Form, in the interest of labor organization financial integrity and transparency.” The Labor-Management Reporting and Disclosure Act, also known as the Landrum-Griffin Act, was enacted in 1959 with widespread bipartisan support. Congress felt new reporting requirements were necessary after investigations helped supporters determine that “there have been a number of instances of breach of trust, corruption, disregard of the rights of individual employees, and other failures to observe high standards of responsibility and ethical conduct which require further and supplementary legislation that will afford necessary protection of the rights and interests of employees and the public generally as they relate to the activities of labor […]

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