Frequently asked questions

Can members of Congress trade stocks?

Yes. Senators and representatives may buy and sell stocks, and so may their spouses. The STOCK Act of 2012 confirmed that insider-trading laws apply to members of Congress and requires them to report most trades publicly. Bills to restrict or ban trading by members have been introduced many times.

What is the STOCK Act?

The Stop Trading on Congressional Knowledge Act, signed in 2012. Among other things, it requires members of Congress and senior officials to report each purchase, sale or exchange of stocks, bonds and other securities worth more than $1,000 in a Periodic Transaction Report, and makes those reports public.

How long do members have to disclose a trade?

30 days from when they learn of it, and no more than 45 days after the trade. Sheepleocrazy marks trades reported more than 45 days after the trade date as late: see the late disclosures on the trades page.

What is a Periodic Transaction Report?

The form members file for covered trades. It lists each trade's date, the asset, the type of transaction, whose account it was in and the amount as a range. Senators file with the Secretary of the Senate and representatives with the Clerk of the House. Every trade on this site links to its report.

Why are amounts shown as ranges?

Because the law asks members to report them that way, in bands such as $1,001–$15,000 or $1,000,001–$5,000,000. Totals on this site use the middle of each band, so they are estimates. More on amounts.

Do trades by spouses and children count?

Yes. Members must also report trades by their spouse and dependent children. Each trade shows whose account it was in, and the trades page can filter by owner.

Does a good timing score mean a member traded on inside information?

No. The timing score only measures how a stock did after a trade compared with the S&P 500. Plenty of trades beat the market by chance, and the score knows nothing about why a trade was made. Sheepleocrazy shows what members disclosed; it doesn't judge whether any trade was proper. How the score works.

How up to date is the data?

New reports are checked twice a day, in the morning and the evening (Eastern time). Members can report up to 45 days after a trade, so recent trades keep appearing for weeks afterward.

Can I download the data?

Yes, for free. The trades page has a Download CSV button that exports whatever the filters show, and the read-only API is documented at /api/docs. The reports themselves may not be used for commercial purposes (5 U.S.C. §13107(c)).

Why is a trade I read about missing?

It may be in a scanned House paper report, which isn't transcribed yet, or in a Senate report that was removed before this site read it, or it may not have been reported yet. If you find one that should be here, email info@sheepleocrazy.com.

Is this investment advice?

No. It's a record of what members disclosed, for information only. Past trades and timing scores say nothing about future returns.

How can I follow new trades?

Follow @sheepleocrazy on X for notable disclosures, or use RSS in any feed reader: every new report, or the RSS button on a member's or a stock's page for just that member or stock. No account or email needed.