The Obama administration’s Department of Labor (DOL) announced back in January that it was ending the requirement for unions to submit form LM-2 for financial disclosure purposes, and yesterday (Oct. 13, 2009) it made it official.
The DOL’s Office of Labor-Management Standards yesterday published in the Federal Register a recission of the Bush-era rule that had implemented usage of the LM-2 for unions with annual revenues of $250,000 or more. The rule also applied to smaller unions if their other reports were found to be incomplete or irregular.
The LM-2 was a document developed by the Bush administration to bolster the 1959 Labor-Management Reporting and Disclosure Act (LMRDA).
To read the official posting of the rescission in the Oct. 13 Federal Register, visit: http://edocket.access.gpo.gov/2009/E9-24571.htm