Misc. Mondays: LM-2 Transparency Regs Delayed Again

Remember when we learned that Obama signed an Executive Order freezing all of Bush’s proposed federal rules changes, including the rule that required more information be contained in LM-2?  And remember when we discussed how Obama’s team planned on revising the LM-2, but we didn’t know to what extent?  And if you remember those, then you’ll remember what Obama’s new rule looks like.  What?  You don’t remember that? 

Well, don’t feel like you’ve been out of the loop.  Obama hasn’t released the new rules yet.  In fact, he’s blown past two of his self-imposed deadlines.  On February 20, 2009 the Office of Labor Management Standards (OLMS) published a final rule that delayed the effective date of the regulations until April 21, 2009.  On April 21, the Department of Labor bought itself until October 19, 2009 to come up with the final rules. 

Actually, this is a good thing for management because the longer Obama’s new rules are delayed, the longer we have until the curtain drops on much of the transparency of LM’2s.  And, it’s not too late for you to weigh in with your opinion about the proposed changes.  Click hereand follow the directions on how to submit your electronic comments to the DOL.

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