Rescission of Labor Organization Annual Financial Report for Trusts In Which A Labor Organization Is Interested, Form T-1

This rule rescinds the final rule published in the Federal Register on March 6, 2020, (2020 Form T-1 rule), which established the Form T-1, Trust Annual Report, required to be filed by labor organizations about certain trusts in which they are interested pursuant to the Labor-Management Reporting and Disclosure Act (LMRDA). Upon further review of the 2020 Form T-1 rule, including the pertinent facts and legally relevant policy considerations surrounding that rulemaking, the Department of Labor (Department) withdraws the rule implementing the Form T-1, because it has determined that the 2020 rulemaking record, particularly its analysis of the burden and the benefit of the rule, was insufficient as a matter of policy to justify the trust reporting requirements set forth in the 2020 Form T-1 rule. Further, by requiring reporting on entities not controlled or dominated by labor unions, the Department has determined that the trust reporting required under the rule is overly inclusive and is not necessary to prevent the circumvention and evasion of the Title II reporting requirements.