WASHINGTON-Another Labor Day is about to arrive, and once again, organized labor in the United States has little to cheer about.

Unemployment is high, union membership has fallen to 7 percent of the private sector labor force (down from 15% a quarter century earlier). Despite Democratic majorities in both houses of Congress, labor is unlikely to win passage of the Employee Free Choice Act, its heavily-lobbied bill to take away the secret ballot in elections for union representation and impose collective bargaining on employers.

And now a new problem looms for some of the larger unions. The Financial Accounting Standards Board, a private entity that is widely respected in the business community, is considering adopting detailed disclosure standards for companies with...