Labor Department Completes Changes to Union Financial Reporting

The Labor Department has created a longer financial disclosure form for the largest unions to use, altering the way labor reports its finances to the federal government.

The DOL’s Office of Labor-Management Standards released the final rule Friday establishing the new LM-2 Long Form disclosure and changing reporting thresholds for other forms.

Labor unions with more than $40 million in annual receipts would have to file the new LM-2 Long Form report, mimicking a proposal from the first Trump administration. The 2020 proposal, which came on the heels of a corruption investigation of the United Auto Workers, went through ...