Trump Seeks to Update Union Financial Disclosure Requirements

The US Labor Department released a proposed rule to tweak reporting demands on labor unions for filing annual financial reporting requirements.

The proposal, published in the Federal Register Tuesday, would update the thresholds that trigger the reporting requirements, a move that the Trump administration says won’t increase filing obligations for labor organizations.

“These increases are necessary to reflect economic changes and reduce unnecessary reporting burdens on labor organizations whose total receipts, prior to adjusting for inflation, should not necessitate greater filing requirements,” the proposed rule said.

Currently, unions with “total annual receipts” above $250,000 must submit a Form LM-2, and ...