Proposed Rule2025-12273
Filing Thresholds for Forms LM-2, LM-3, and LM-4 Labor Organization Annual Reports
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 1, 2025
Issuing agencies
Labor DepartmentLabor-Management Standards Office
Abstract
This proposed rule revises the filing thresholds in 29 CFR 403.4(a) for the Forms LM-2, LM-3, and LM-4 Labor Organization Annual Reports. This summary can be found at www.regulations.gov by searching by the RIN: 1245-AA15.
Full Text
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<title>Federal Register, Volume 90 Issue 124 (Tuesday, July 1, 2025)</title>
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[Federal Register Volume 90, Number 124 (Tuesday, July 1, 2025)]
[Proposed Rules]
[Pages 28251-28255]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-12273]
[[Page 28251]]
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DEPARTMENT OF LABOR
Office of Labor-Management Standards
29 CFR Part 403
[Docket #]
RIN 1245-AA15
Filing Thresholds for Forms LM-2, LM-3, and LM-4 Labor
Organization Annual Reports
AGENCY: Office of Labor-Management Standards, Department of Labor.
ACTION: Proposed rule; request for comments.
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SUMMARY: This proposed rule revises the filing thresholds in 29 CFR
403.4(a) for the Forms LM-2, LM-3, and LM-4 Labor Organization Annual
Reports. This summary can be found at <a href="http://www.regulations.gov">www.regulations.gov</a> by searching
by the RIN: 1245-AA15.
DATES: Comments must be received on or before July 31, 2025.
ADDRESSES: You may submit comments, identified by RIN #1245-AA15, by
the following method:
Internet: Federal eRulemaking Portal. Electronic comments may be
submitted through <a href="http://www.regulations.gov">www.regulations.gov</a>. To locate the proposed rule, use
RIN #1245-AA15. Follow the instructions for submitting comments.
Only comments submitted through <a href="http://www.regulations.gov">www.regulations.gov</a> will be
accepted. Comments will be available for public inspection at
<a href="http://www.regulations.gov">www.regulations.gov</a>. The Department will post all comments received on
<a href="http://www.regulations.gov">www.regulations.gov</a> without making any change to the comments,
including any personal information provided. The <a href="http://www.regulations.gov">http://www.regulations.gov</a> website is the Federal e-rulemaking portal, and all
comments posted there are available and accessible to the public. The
Department cautions commenters not to include personal information such
as Social Security numbers, personal addresses, telephone numbers, and
email addresses in their comments as such submitted information will
become viewable by the public via the <a href="http://www.regulations.gov">www.regulations.gov</a> website. It
is the responsibility of the commenter to safeguard this information.
Comments submitted through <a href="http://www.regulations.gov">www.regulations.gov</a> will not include the
commenter's email address unless the commenter chooses to include that
information as part of his or her comment.
Docket: Go to the Federal eRulemaking Portal at <a href="https://www.regulations.gov">https://www.regulations.gov</a> for access to the rulemaking docket, including any
background documents and the plain-language summary of the proposed
rule of not more than 100 words in length required by the Providing
Accountability Through Transparency Act of 2023.
FOR FURTHER INFORMATION CONTACT: Andrew Davis, Director of the Office
of Program Operations, Office of Labor-Management Standards, U.S.
Department of Labor, 200 Constitution Avenue NW, Room N-5609,
Washington, DC 20210, by telephone at (202) 693-0123 (this is not a
toll-free number), 771 (TTY/TDD), or by email at <a href="/cdn-cgi/l/email-protection#95faf9f8e6b8e5e0f7f9fcf6d5f1faf9bbf2fae3"><span class="__cf_email__" data-cfemail="0d6261607e207d786f61646e4d696261236a627b">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Background
The Labor-Management Reporting and Disclosure Act of 1959 (LMRDA),
29 U.S.C. 401 et seq., mandates certain reporting and disclosure
requirements for labor organizations, their officers and employees,
employers, labor relations consultants, and surety companies. Under the
LMRDA, every labor organization must file with the U.S. Department of
Labor (Department), Office of Labor-Management Standards (OLMS) an
annual financial report showing total annual receipts, disbursements,
assets, and liabilities of the union. 29 U.S.C. 431. The Secretary of
Labor has authority to prescribe the form of the financial disclosure
reports required by the LMRDA. 29 U.S.C. 438. The Secretary has
prescribed three forms for this purpose--Forms LM-2, LM-3, and LM-4--
with the form required determined by total annual receipts. Under
current regulations, labor organizations (not in a trusteeship) with
$250,000 or more in annual receipts must file Form LM-2; those with
less than $250,000 may choose to file Form LM-3; and those with less
than $10,000 may choose to file Form LM-4. 29 CFR 403.4(a).
Additionally, under certain circumstances, a local labor organization
with no assets, liabilities, receipts, or disbursements that is not in
a trusteeship can have a ``simplified annual report'' filed on their
behalf by a parent union in lieu of an annual report. Id.
The Form LM-2 filing threshold was last revised in October 2003
when the Department raised it from $200,000 to $250,000. 68 FR 58374
(October 9, 2003). That 2003 adjustment was intended to approximate the
effects of inflation on the earlier $200,000 level and reduce the
recordkeeping and reporting burden for approximately 500 labor
organizations. Id. The Form LM-2 threshold level has only increased
three other times prior to 2003. Id. Shortly after the LMRDA was
enacted in 1959, the threshold for filing the detailed Form LM-2 was
set by the Secretary at $20,000. Id. The threshold was raised by the
Secretary in 1962 to $30,000, in 1981 to $100,000, and in 1992 to
$200,000. Id. Since 2003, the thresholds have remained unchanged for
over twenty years, despite substantial inflation in the intervening
period. Id. As a result, many unions with relatively modest receipts
still meet the threshold for filing the most detailed form, the Form
LM-2. Id.
Similarly, the Form LM-4 was introduced in a 1992 final rule, which
also established the Form LM-3 threshold and required Form LM-3 filing
for unions with more than $10,000 in total receipts but less than the
LM-2 threshold of $200,000 at that time. 57 FR 49356 (October 30,
1992). Since 1992, the $10,000 threshold for the Form LM-3 has never
been raised, despite over 30 years of inflation.
In this proposed rule, the Department proposes to increase each
filing threshold to higher values: labor organizations with $450,000 or
more in annual receipts must file Form LM-2; those with less than
$450,000 may choose to file Form LM-3; and those with less than $25,000
may choose to file Form LM-4. 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 Department
proposes to revise accordingly each reference to the filing thresholds
in 29 CFR 403.4(a) and on the Forms LM-2, LM-3, and LM-4, as well as
their instructions.
II. Discussion
OLMS' review of the current reporting thresholds confirms that
inflation has eroded their real value. As evidenced in the 2003
rulemaking, raising the Form LM-2 threshold to $250,000 at that time
was meant to ``approximate[ ] an inflation adjustment'' of the prior
$200,000 standard from 1992. 68 FR at 58383. Since 2003, overall price
levels have risen approximately 75%, meaning $250,000 in 2003 equates
to over $430,000 today in real dollars.\1\ The LM-3 threshold erosion
has been even steeper, as overall price levels have risen approximately
125% since 1992, and $10,000 in 1992 equates to over
[[Page 28252]]
$22,500 today in real dollars.\2\ To realign the thresholds with
current economic conditions, OLMS proposes raising the Form LM-2 and
Form LM-3 thresholds to higher levels, with the Form LM-4 adjusting
accordingly. These adjustments are consistent with the Department's
practice of periodically assessing the appropriateness of the filing
thresholds, and the Department proposes to round up to fairly account
for future inflation. By increasing the thresholds, this proposed rule
would relieve those unions that fall below the new threshold
requirement from the burden to file the lengthy Form LM-2 report,
without exempting any union from its duty to report all its receipts
and disbursements. A majority of current LM-2 filers, including the
largest and most complex unions, would continue to file Form LM-2 and
provide detailed disclosures. As with the Form LM-2, the increased Form
LM-3 filing threshold would excuse those unions that would fall under
the new Form LM-3 threshold from the more burdensome filing
requirements.
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\1\ OLMS utilized the Bureau of Labor Statistic's Consumer Price
Index Calculator to estimate buying power from 2004 to 2025 <a href="https://www.bls.gov/data/i-nflation_calculator.htm">https://www.bls.gov/data/i-nflation_calculator.htm</a>.
\2\ Id., estimating buying power from 1992 to 2025.
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OLMS has estimated the effect of the proposed thresholds on FY2024
filers by looking at the number of labor organizations that filed LM
Forms for FY2024 whose receipts fell between the current and proposed
threshold amounts. Approximately 868 labor organizations that filed the
Form LM-2 in FY2024 would fall below the revised Form LM-2 threshold
and instead file the Form LM-3 in the next reporting cycle.
Approximately 2,089 labor organizations that filed the Form LM-3 in
FY2024 would fall below the revised Form LM-3 threshold and file the
Form LM-4 in its next reporting cycle.
It is important to view this estimated effect from increasing the
Form LM thresholds in context. For example, the 2003 increase to the
Form LM-2 threshold was estimated to affect approximately 500 Form LM-2
filers. 68 FR 58374. Similarly, OLMS estimates 868 FY2024 filers will
no longer be required to file the Form LM-2. The estimated 868 filers
make up less than 18% of all current LM-2 filers and represent the
organizations with the lowest total annual receipts reported by all
Form LM-2 filers. Thus, the Department estimates that a substantial
number of the largest unions, as measured by total annual receipts,
will continue filing the more detailed report, providing transparency
to union members and needed resources to the Department as it seeks to
enforce the LMRDA's financial safeguard provisions.
The Department therefore proposes to revise the threshold in 29 CFR
403.4(a)(1) to read: ``gross annual receipts totaling less than
$450,000'' for labor organizations not in trusteeship that may file
Form LM-3. The Department also proposes to revise the threshold in 29
CFR 403.4(a)(2) to read: ``gross annual receipts totaling less than
$25,000'' for labor organizations not in trusteeship that may file Form
LM-4. Unless they meet one of these thresholds, or the criteria for
unions with no assets, no liabilities, no receipts and no disbursements
in 29 CFR 403.4(b), all other labor organizations would file Form LM-2.
See 29 CFR 403.3.
The Department further proposes to revise the threshold on Form LM-
2 to read: ``MUST BE USED BY LABOR ORGANIZATIONS WITH $450,000 OR MORE
IN TOTAL ANNUAL RECEIPTS AND LABOR ORGANIZATIONS IN TRUSTEESHIP,'' and
proposes to revise the thresholds in the Form LM-2 Instructions,
Section II, What Form to File, to read: ``Every labor organization
subject to the LMRDA, CSRA, or FSA with total annual receipts of
$450,000 or more must file the Form LM-2. Labor organizations with
total annual receipts of less than $450,000 may file the simplified
Form LM-3, if not in trusteeship . . . . Labor organizations with total
annual receipts of less than $25,000 may file the abbreviated annual
report Form LM-4, if not in trusteeship.''
The Department additionally proposes to revise the threshold on
page 1 of Form LM-3 to read: ``FOR USE ONLY BY LABOR ORGANIZATIONS WITH
LESS THAN $450,000 IN TOTAL ANNUAL RECEIPTS,'' and the threshold on
page 4 to read: ``If total receipts reported in Item 44 are $450,000 or
more, your organization must file Form LM-2 instead of this form.'' The
thresholds in the corresponding Form LM-3 Instructions, Section II,
What Form to File, would read: ``Every labor organization subject to
the LMRDA, CSRA, or FSA with total annual receipts of less than
$450,000 may file the simplified annual report Form LM-3, if not in
trusteeship . . . . Labor organizations with less than $25,000 in total
annual receipts may file the abbreviated 2-page annual report Form LM-
4, if not in trusteeship.'' Further, the threshold listed in the Form
LM-3 Instructions, Section XII, Labor Organizations that Have Ceased to
Exist, would read: ``The terminal financial report may be filed on Form
LM-3 if your organization filed its previous annual report on Form LM-3
and your organization's total annual receipts, as defined in Section II
of these instructions, were less than $450,000 for the part of the last
fiscal year during which your organization existed.''
The Department additionally proposes to revise the threshold on
page 1 of Form LM-4 to read: ``FOR USE ONLY BY LABOR ORGANIZATIONS WITH
LESS THAN $25,000 IN TOTAL ANNUAL RECEIPTS,'' and the threshold in Item
16 on Form LM-4 to read: ``If $25,000 or more, your organization must
file Form LM-2 or LM-3 instead of this form.'' The thresholds in the
corresponding Form LM-4 Instructions, Section II, What Form to File,
would read: ``Labor organizations with total annual receipts of less
than $25,000 may file the abbreviated 2-page annual report Form LM-4,
if not in trusteeship . . . . Labor organizations with $25,000 or more
in total annual receipts cannot use Form LM-4.'' The threshold in the
Form LM-4 Instructions, Item 16, would read: ``Note: If the labor
organization's annual receipts were $25,000 or more, the labor
organization is not eligible to file Form LM-4[,]'' and the threshold
in the Form LM-4 Instructions, Section X, Labor Organizations that
Ceased to Exist, would read: ``The terminal financial report may be
filed on Form LM-4 if the labor organization filed its previous annual
report on Form LM-4 and the labor organization's total annual receipts,
as defined in Section II of these instructions, were less than $25,000
for the part of the last fiscal year during which the labor
organization existed.'' It would also note, ``If total annual receipts
were $25,000 or more the labor organization must use Form LM-2 or LM-
3[.]''
For the reasons described above, the Department believes that the
benefits of the proposed changes, particularly the reduction in
regulatory burden for filers, outweigh any loss of detail in annual
reporting. By increasing the filing thresholds in a manner
proportionate to inflation, this rulemaking ensures that only those
unions whose total receipts have kept pace with inflation remain
subject to the most detailed reporting requirements. The Department
invites public comment on this proposed rule, including general and
specific comment on any aspect of the rule.
III. Procedural Issues and Regulatory Review
A. Review Under Executive Orders 12866
Executive Order (E.O.) 12866, ``Regulatory Planning and Review,''
58
[[Page 28253]]
FR 51735 (Oct. 4, 1993), requires agencies, to the extent permitted by
law, to (1) propose or adopt a regulation only upon a reasoned
determination that its benefits justify its costs (recognizing that
some benefits and costs are difficult to quantify); (2) tailor
regulations to impose the least burden on society, consistent with
obtaining regulatory objectives, taking into account, among other
things, and to the extent practicable, the costs of cumulative
regulations; (3) select, in choosing among alternative regulatory
approaches, those approaches that maximize net benefits; (4) to the
extent feasible, specify performance objectives, rather than specifying
the behavior or manner of compliance that regulated entities must
adopt; and (5) identify and assess available alternatives to direct
regulation, including providing economic incentives to encourage the
desired behavior, such as user fees or marketable permits, or providing
information upon which choices can be made by the public.
Section 6(a) of E.O. 12866 also requires agencies to submit
``significant regulatory actions'' to OIRA for review. OIRA has
determined that this proposed rule constitutes a ``significant
regulatory action'' under section 3(f) of E.O. 12866. Accordingly, this
proposed rule was submitted to OIRA for review under E.O. 12866.
The Department expects that, if adopted, this proposal will
decrease the number of Form LM-2 reports received by 868, based on
FY2024 Form LM-2 filing data.\3\ Similarly, the Department expects to
see the number of Form LM-3 filers decrease by 2,089.\4\ Given that the
Form LM-2 requires approximately 530 hours per response compared to 103
hours per response for the Form LM-3, the decrease in Form LM-2 filers
by 868 will result in an estimated reduction of 427 burden hours per
response for those new Form LM-3 filers, totaling approximately 370,636
fewer reporting hours annually. Multiplying the approximately 370,636
reduced burden hours by the estimated average hourly rate \5\ it takes
to file the Form LM-3, $39.11,\6\ the proposed total cost savings for
new Form LM-3 filers is $14,495,573.96.
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\3\ See <a href="https://www.dol.gov/agencies/olms/data">https://www.dol.gov/agencies/olms/data</a>.
\4\ Id.
\5\ The estimated average hourly rate is based on average hourly
salaries of union officers from data collected by OLMS and non-labor
organization salaries derived from the Bureau of Labor Statistic
Occupational Employment and Wages Surveys.
\6\ For OLMS' most recent ICR containing Form LM recordkeeping
burden, it can be found at <a href="https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202407-1245-001">https://www.reginfo.gov/public/do/PRAViewDocument?ref_nbr=202407-1245-001</a>.
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Additionally, given that the Form LM-3 requires approximately 103
hours per response compared to the 9 hours per response for the Form
LM-4, the decrease in Form LM-3 filers by 2,089 will result in an
estimated reduction of 94 burden hours per response for those new Form
LM-4 filers, totaling approximately 196,366 fewer reporting hours
annually. Multiplying the approximately 196,366 reduced burden hours by
the estimated average hourly rate it takes to file the Form LM-4,
$37.38,\7\ the proposed total cost savings for new Form LM-4 filers is
$7,340,161.08.
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\7\ Id.
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The Department estimates that increasing the Form LM-2 and Form LM-
3 thresholds will result in an overall combined reduction of 567,002
burden hours annually and a total estimated cost savings of
$21,835,735.04. The Department also expects its proposal to increase
benefits to the public and to American workers by reducing compliance
burdens, thereby enabling the regulated community to allocate more
resources and time to core activities and services.
B. Review Under the Regulatory Flexibility Act
The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) requires
preparation of an initial regulatory flexibility analysis (IRFA) and a
final regulatory flexibility analysis (FRFA) for any rule that by law
must be proposed for public comment, unless the agency certifies that
the rule, if promulgated, will not have a significant economic impact
on a substantial number of small entities.
The Department is publishing this IRFA in connection with its
proposed rule to revise the filing thresholds for labor organization
financial reports required by section 201(b) of the Labor-Management
Reporting and Disclosure Act (LMRDA), 29 U.S.C. 431(b), and 29 CFR
403.4. This rule is considered because inflation has substantially
eroded the real value of existing reporting thresholds, requiring many
labor organizations with relatively modest annual receipts to file the
most detailed Form LM-2. The objective of the rule is to realign the
reporting thresholds with current economic conditions and reduce
unnecessary regulatory burdens on smaller labor organizations whose
inflation-adjusted total annual receipts do not justify the current
filing burdens.
The Department estimates that the proposed increase in reporting
thresholds will affect approximately 868 labor organizations that
currently file Form LM-2, and 2,089 that file Form LM-3. The Department
believes that all 2,957 of the affected labor organizations may qualify
as small entities under the Regulatory Flexibility Act. These labor
organizations would instead be eligible to file the less burdensome
Form LM-3 and Form LM-4, respectively. The Department estimates this
will reduce reporting burden by over 567,000 hours annually, yielding
estimated cost savings exceeding $21.8 million.
This proposed rule does not impose any new reporting,
recordkeeping, or other compliance requirements. Rather, it relieves
burden by increasing the receipts threshold that determines which
financial report must be filed. The rule does not duplicate, overlap,
or conflict with other federal rules.
The Department considered alternatives but determined that
maintaining the outdated thresholds would perpetuate an unnecessary
regulatory burden. Other alternatives--such as a smaller threshold
increase--would not sufficiently reflect inflation over the past 20 to
30 years and would fail to relieve unnecessary burdens. Because the
rule is deregulatory and imposes no new requirements, the Department
does not believe other regulatory alternatives would be appropriate or
effective.
C. Review Under the Paperwork Reduction Act
This proposed rule imposes no new information or recordkeeping
requirements. The Department reviewed the proposed rule under the
Paperwork Reduction Act. (44 U.S.C. 3501 et seq.). While the proposed
rule would not increase the number of filers overall, it would reduce
the burden on many of those filers and change which forms they may
submit, thus requiring a revision to an existing information
collection. Thus, the Department will submit a separate notice later
addressing the modification to OMB Control Number 1245-0003.
D. Review Under Executive Order 13132
E.O. 13132, ``Federalism,'' 64 FR 43255 (August 10, 1999), imposes
certain requirements on Federal agencies formulating and implementing
policies or regulations that preempt State law or that have federalism
implications. The Executive order requires agencies to examine the
constitutional and statutory authority supporting any action that would
limit the policymaking discretion of the States and to carefully assess
the necessity for such actions. The Executive order also requires
agencies to have an accountable process to ensure
[[Page 28254]]
meaningful and timely input by State and local officials in the
development of regulatory policies that have federalism implications.
The Department has examined this proposed rule and has determined
that it would not have a substantial direct effect on the States, on
the relationship between the national government and the States, or on
the distribution of power and responsibilities among the various levels
of government.
E. Review Under Executive Order 12988
With respect to the review of existing regulations and the
promulgation of new regulations, section 3(a) of E.O. 12988, ``Civil
Justice Reform,'' imposes on Federal agencies the general duty to
adhere to the following requirements: (1) eliminate drafting errors and
ambiguity, (2) write regulations to minimize litigation, (3) provide a
clear legal standard for affected conduct rather than a general
standard, and (4) promote simplification and burden reduction. 61 FR
4729 (Feb. 7, 1996). Regarding the review required by section 3(a),
section 3(b) of E.O. 12988 specifically requires that Executive
agencies make every reasonable effort to ensure that the regulation:
(1) clearly specifies the preemptive effect, if any, (2) clearly
specifies any effect on existing Federal law or regulation, (3)
provides a clear legal standard for affected conduct while promoting
simplification and burden reduction, (4) specifies the retroactive
effect, if any, (5) adequately defines key terms, and (6) addresses
other important issues affecting clarity and general draftsmanship
under any guidelines issued by the Attorney General.
Section 3(c) of E.O. 12988 requires Executive agencies to review
regulations in light of applicable standards in section 3(a) and
section 3(b) to determine whether they are met or it is unreasonable to
meet one or more of them. The Department has completed the required
review and determined that, to the extent permitted by law, this
proposed rule meets the relevant standards of E.O. 12988.
F. Review Under the Unfunded Mandates Reform Act
Title II of the Unfunded Mandates Reform Act of 1995 (UMRA)
requires each Federal agency to assess the effects of Federal
regulatory actions on State, local, and Tribal governments and the
private sector. Public Law 104-4, sec. 201 (codified at 2 U.S.C. 1531).
For a regulatory action likely to result in a rule that may cause the
expenditure by State, local, and Tribal governments, in the aggregate,
or by the private sector of $100 million or more in any one year
(adjusted annually for inflation), section 202 of UMRA requires a
Federal agency to publish a written statement that estimates the
resulting costs, benefits, and other effects on the national economy. 2
U.S.C. 1532(a), (b)). The UMRA also requires a Federal agency to
develop an effective process to permit timely input by elected officers
of State, local, and Tribal governments on a ``significant Federal
intergovernmental mandate,'' and requires an agency plan for giving
notice and opportunity for timely input to potentially affected small
governments before establishing any requirements that might
significantly or uniquely affect them. 2 U.S.C. 1534(a).
The Department examined this proposed rule according to UMRA and
its statement of policy and determined that the proposed rule does not
contain a Federal intergovernmental mandate, nor is it expected to
require expenditures of $100 million or more in any one year by State,
local, and Tribal governments, in the aggregate, or by the private
sector. As a result, the analytical requirements of UMRA do not apply.
G. Review Under the Treasury and General Government Appropriations Act,
1999
Section 654 of the Treasury and General Government Appropriations
Act, 1999 (Pub. L. 105-277) requires Federal agencies to issue a Family
Policymaking Assessment for any rule that may affect family well-being.
This proposed rule would not have any impact on the autonomy or
integrity of the family as an institution. Accordingly, the Department
has concluded that it is not necessary to prepare a Family Policymaking
Assessment.
H. Review Under Executive Order 12630
Pursuant to E.O. 12630, ``Governmental Actions and Interference
with Constitutionally Protected Property Rights,'' 53 FR 8859 (March
18, 1988), the Department has determined that this proposed rule would
not result in any takings that might require compensation under the
Fifth Amendment to the U.S. Constitution.
I. Review Under the Treasury and General Government Appropriations Act,
2001
Section 515 of the Treasury and General Government Appropriations
Act, 2001 (44 U.S.C. 3516, note) provides for Federal agencies to
review most disseminations of information to the public under
information quality guidelines established by each agency pursuant to
general guidelines issued by OMB. OMB's guidelines were published at 67
FR 8452 (Feb. 22, 2002). The Department has reviewed this proposed rule
under the OMB guidance and has concluded that it is consistent with
applicable policies in those guidelines.
J. Review Under Additional Executive Orders and Presidential Memoranda
The Department has examined this proposed rule and has determined
that it is consistent with the policies and directives outlined in E.O.
14154, ``Unleashing American Energy,'' 90 FR 8353 (Jan. 29, 2025); E.O.
14192, ``Unleashing Prosperity Through Deregulation,'' 90 FR 9065 (Feb.
6, 2025); and Presidential Memorandum, ``Delivering Emergency Price
Relief for American Families and Defeating the Cost-of-Living Crisis,''
90 FR 8245 (Jan. 28, 2025). This proposed rule is expected to be an
Executive Order 14192 deregulatory action.
List of Subjects in 29 CFR Part 403
Labor organizations, Reporting and recordkeeping requirements.
For the reasons set forth in the preamble, the Department proposes
to amend part 403 of chapter 4 of title 29 of the Code of Federal
Regulations, as set forth below:
PART 403--LABOR ORGANIZATION ANNUAL FINANCIAL REPORTS
0
1. The authority citation for part 403 continues to read as follows:
Authority: Labor-Management Reporting and Disclosure Act of
1959, as amended, Public Law 86-257, 73 Stat. 519-546, codified at
29 U.S.C. 401-531.
0
2. Amend Sec. 403.4 by revising paragraph (a) to read as follows:
Sec. 403.4 Simplified annual reports for smaller labor organizations.
(a)(1) If a labor organization, not in trusteeship, has gross
annual receipts totaling less than $450,000 for its fiscal year, it may
elect, subject to revocation of the privileges as provided in section
208 of the Act, to file the annual financial report called for in
section 201(b) of the Act and Sec. 403.3 of this part on United States
Department of Labor Form LM-3 entitled ``Labor Organization Annual
Report,'' in accordance with the instructions accompanying such form
and constituting a part thereof.
(2) If a labor organization, not in trusteeship, has gross annual
receipts totaling less than $25,000 for its fiscal year, it may elect,
subject to revocation of the privileges as provided in section 208 of
the Act, to file the annual
[[Page 28255]]
financial report called for in section 201(b) of the Act and Sec.
403.3 on United States Department of Labor Form LM-4 entitled ``Labor
Organization Annual Report'' in accordance with the instructions
accompanying such form and constituting a part thereof.
* * * * *
K. Signature
Signed in Washington, DC.
Elisabeth Messenger,
Director, OLMS.
[FR Doc. 2025-12273 Filed 6-30-25; 8:45 am]
BILLING CODE P
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