Labor Department wants to know if your kid is still a 'minor child' at 21
What happened
The US Labor Department is asking for public comments on how it defines a "minor child" for financial reporting. This change could affect how labor union officers and employees report financial dealings involving their adult children.
Why it matters
For decades, the Labor Department has used an outdated definition of "minor child" that includes adult children up to age 21. This definition comes from a 1959 law. Updating it would align federal labor reporting with how most other agencies define a minor, which is usually under 18. This means union officials might no longer have to report financial ties to their adult children, reducing transparency for some transactions.
The signal
Watch for the final rule to see if the definition of "minor child" is updated to align with modern legal standards, and how that affects the scope of financial disclosures.