29 U.S.C. § 432 — Report of officers and employees of labor organizations
submitted 67 years ago by Pub. L. 86-257 to r/title-29-LABOR · 635 words · no verdicts yet
This law makes union officers and certain employees report their financial ties to employers. They must disclose stock, income, payments, and business deals connected to employers their union represents. Routine public-market investments and people with no reportable interest are exempt from filing.
(a) Filing; contents of report
Every officer of a labor organization, and every employee of a labor organization other than one who does only clerical or custodial work, must file a signed report with the Secretary of Labor. The report covers the person's previous fiscal year and must list six things about the officer or employee, or their spouse or minor child:
(1) Any stock, bond, security, or other legal or equitable interest held, directly or indirectly, in an employer whose employees the union represents or is actively trying to represent — and any income or other paid benefit, including reimbursed expenses, received from that employer. This does not include ordinary pay and benefits earned as a genuine employee of that employer.
(2) Any transaction, direct or indirect, involving stock, bonds, securities, a loan to or from, or another legal or equitable interest in the business of such an employer.
(3) Any interest held in, or income or benefit received from, any business a substantial part of which buys from, sells to, leases to, or otherwise deals with such an employer.
(4) Any interest held in, or income or benefit received from, a business that buys from, sells to, leases to, or otherwise deals with the labor organization itself.
(5) Any direct or indirect business deal or arrangement with such an employer — except work performed and pay received as a genuine employee, and except ordinary purchases of goods or services at prices open to any employee of that employer.
(6) Any payment or other thing of value, including reimbursed expenses, received directly or indirectly from such an employer or from anyone who acts as a labor relations consultant to an employer — except payments already permitted under section 186(c) of this title.
(b) Report of certain bona fide investments
The officer or employee does not have to report, under items (1) through (5) above, genuine investments in securities traded on a registered national securities exchange, shares in a registered investment company such as a mutual fund, or securities of a registered public utility holding company — or any income earned from those investments.
(c) Exemption from filing requirement
No officer or employee of a labor organization has to file a report under subsection (a) at all, unless that person, or their spouse or minor child, actually held an interest, received income, another benefit with monetary value, or a loan, or engaged in one of the transactions described in subsection (a), during the year.
Every officer of a labor organization and every employee of a labor organization (other than an employee performing exclusively clerical or custodial services) shall file with the Secretary a signed report listing and describing for his preceding fiscal year—
any stock, bond, security, or other interest, legal or equitable, which he or his spouse or minor child directly or indirectly held in, and any income or any other benefit with monetary value (including reimbursed expenses) which he or his spouse or minor child derived directly or indirectly from, an employer whose employees such labor organization represents or is actively seeking to represent, except payments and other benefits received as a bona fide employee of such employer;
any transaction in which he or his spouse or minor child engaged, directly or indirectly, involving any stock, bond, security, or loan to or from, or other legal or equitable interest in the business of an employer whose employees such labor organization represents or is actively seeking to represent;
any stock, bond, security, or other interest, legal or equitable, which he or his spouse or minor child directly or indirectly held in, and any income or any other benefit with monetary value (including reimbursed expenses) which he or his spouse or minor child directly or indirectly derived from, any business a substantial part of which consists of buying from, selling or leasing to, or otherwise dealing with, the business of an employer whose employees such labor organization represents or is actively seeking to represent;
any stock, bond, security, or other interest, legal or equitable, which he or his spouse or minor child directly or indirectly held in, and any income or any other benefit with monetary value (including reimbursed expenses) which he or his spouse or minor child directly or indirectly derived from, a business any part of which consists of buying from, or selling or leasing directly or indirectly to, or otherwise dealing with such labor organization;
any direct or indirect business transaction or arrangement between him or his spouse or minor child and any employer whose employees his organization represents or is actively seeking to represent, except work performed and payments and benefits received as a bona fide employee of such employer and except purchases and sales of goods or services in the regular course of business at prices generally available to any employee of such employer; and
any payment of money or other thing of value (including reimbursed expenses) which he or his spouse or minor child received directly or indirectly from any employer or any person who acts as a labor relations consultant to an employer, except payments of the kinds referred to in section 186(c) of this title.
The provisions of paragraphs (1), (2), (3), (4), and (5) of subsection (a) shall not be construed to require any such officer or employee to report his bona fide investments in securities traded on a securities exchange registered as a national securities exchange under the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], in shares in an investment company registered under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.], or in securities of a public utility holding company registered under the Public Utility Holding Company Act of 1935, or to report any income derived therefrom.
Nothing contained in this section shall be construed to require any officer or employee of a labor organization to file a report under subsection (a) unless he or his spouse or minor child holds or has held an interest, has received income or any other benefit with monetary value or a loan, or has engaged in a transaction described therein.
Source credit: (Pub. L. 86–257, title II, § 202, Sept. 14, 1959, 73 Stat. 525.)
- 1959Enacted · Pub. L. 86-257 · 73 Stat. 525
A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-257 on 1959-09-14.
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