On December 14, the Coalition for a Democratic Workplace (CDW), of which AGC is an active member, filed comments supporting the Department of Labor’s proposed rule on financial disclosure reports that unions annually must file with the Department’s Office of Labor-Management Standards. The proposed rule would expand the disclosures that unions must report on Form LM-2 and would require larger unions to file a new Forum LM-2 Long Form.
While the comments suggest a number of revisions to the particulars but encourage adoption of the rule in general. They note that the Department took advantage of a decade of experience and technical advancement since the form was last revised, stating that it “is a significant improvement over the changes made in 2009 and provides important financial transparency and accountability that is critical to union members, the employer community and the general public.”
The Department has little time to finalize the rulemaking before the change in administration. The Biden administration is likely to halt the initiative.