Magazine article Regulation

Union Financial Disclosure Rule. (Mercatus Reports)

Magazine article Regulation

Union Financial Disclosure Rule. (Mercatus Reports)

Article excerpt

STATUS: New rule released

The Department of Labor's Employment Standards Administration is proposing to revise the financial disclosure requirements for labor unions. For over 40 years, since the enactment of the Labor-Management Reporting and Disclosure Act of 19.59, labor union financial reporting has remained virtually unchanged. (In late 1992, the first Bush administration initiated some changes to union financial disclosure reports, but the Clinton administration subsequently rescinded those changes in 1993.)

The department suggests that the proposed rule's stronger disclosure requirements would improve transparency of union financial activities. That would enhance the accountability of union leadership to rank and file members by making it more difficult to hide financial mismanagement.

In addition to existing filing requirements, under the new rule unions will be required to file seven other reports, including detailed schedules of accounts receivable and accounts payable activity, book value of investments (other than U.S. treasuries), detailed disbursement schedules of payments to union employees and officers, and schedules listing lobbying and other political activities conducted by unions. …

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