The Department of Labor’s Office of Labor-Management Standards April 21 further delayed and proposed to rescind a final rule issued by the Bush Administration imposing additional financial reporting requirements on labor unions.
The original rule, published Jan. 21 and initially scheduled to take effect Feb. 20, would have revised the current LM-2 financial disclosure form and established a procedure to revoke the LM-3 form filed by smaller unions in instances where filers submit delinquent or erroneous reports.
In January, White House Chief of Staff Rahm Emanuel issued a memorandum to all federal departments and agencies delaying implementation of many recently finalized regulations that were slated to go into effect early this year, including the LM-2 rule. In response, DOL announced a delay of the rule until April 21 in order to verify its compliance with the standards outlined in the memorandum. Following an unprecedented second comment period, DOL announced a further delay of the rule’s effective date in order to solicit an additional round of post-final rule comments. The final rule is now delayed until Oct. 19 with an applicability date of Jan. 1, 2010.
In a separate notice of proposed rulemaking, DOL announced it is seeking to withdraw the LM-2 rule entirely and is requesting comments on the proposal. ABC will submit comments by the deadline.
To view the notice delaying implementation of the rule, click
here.
To view the proposed rule to rescind the final rule, click
here.