One in seven House trades since 2025 was reported more than 45 days after it happened, filings show

By Rosalind Kerrow

WASHINGTON — About one in seven stock and other securities trades that House members have disclosed since the start of 2025 was reported more than 45 days after it took place, the outer limit the STOCK Act sets, an Inquisitor review of the filings found.

The review covered 11,020 transactions in the original, unamended periodic transaction reports that House members filed with the Clerk from Jan. 1, 2025, through Oct. 24, 2026. Of those, 1,605 carried a filing date more than 45 days after the transaction date printed on the form. Members of both parties are on the list: by the Inquisitor’s count, 23 Republicans and 23 Democrats reported at least one trade past the 45-day mark.

The trades are concentrated in a few offices. Four members, Republicans Lisa McClain of Michigan, Julia Letlow of Louisiana and Sheri Biggs of South Carolina and Democrat Val Hoyle of Oregon, account for 1,155 of the 1,605 late-reported transactions.

A late report is not by itself evidence that a member traded on inside information, and no finding of wrongdoing has been made against any member named here. House rules set a $200 late fee for a late periodic transaction report, and the Ethics Committee can waive it. The filings do not show whether any fee was paid or waived.

What the law requires

The STOCK Act requires members to report a covered trade within 30 days of learning about it, and in no case later than 45 days after the trade. Trades by a spouse or dependent child must be reported too. The forms list a separate “notification date” for when the member learned of the trade, and several of the largest late batches show a long gap between the trade and the notification.

McClain, who chairs the House Republican Conference, has the most late-reported trades of any member. Every trade on her reports lists her spouse as the owner. In her report signed Aug. 13, 2025, the oldest entries are spouse purchases on March 11, 2024, of Advanced Micro Devices, Nvidia and Taiwan Semiconductor shares, each valued at $15,001 to $50,000. The form gives a notification date of Aug. 11, 2025, two days before the report was signed and 520 days after the trades.

Hoyle’s May 15, 2026, report includes a spouse sale of LPL Financial shares, valued at $1,001 to $15,000, on April 2, 2025, 408 days earlier. The form lists a notification date of Sept. 11, 2025.

The longest single gap in the review belongs to Rep. Rich McCormick, R-Ga. His report signed Sept. 17, 2025, lists purchases made on March 15, 2023, including Walmart and Abbott Laboratories shares, each valued at $1,001 to $15,000, with a notification date of April 10, 2023. The report came 917 days after those trades. Rep. Michael Rulli, R-Ohio, reported a Nov. 26, 2024, sale of Pfizer shares in an Aug. 7, 2026, filing, 619 days later. Rep. Ed Case, D-Hawaii, reported a spouse’s May 16, 2024, Apple purchase in an April 6, 2026, filing, 690 days later.

The most valuable late-reported trades include a spouse’s partial sale of Nvidia stock, valued at $250,001 to $500,000, on Aug. 7, 2024. Rep. Dan Meuser, R-Pa., reported it in an Aug. 13, 2025, filing, 371 days later. Rep. Kelly Morrison, D-Minn., reported a Jan. 20, 2025, partial sale of Andersen Corp. holdings, valued at $500,001 to $1,000,000, in an April 2, 2026, filing, 437 days later. Her form lists a notification date of March 19, 2026.

The ledger

Members with the most transactions reported more than 45 days after the trade date, with the filing that contains the longest gap:

How the Inquisitor counted

The Inquisitor parsed every electronically filed House periodic transaction report in the Clerk’s 2025 and 2026 indexes and counted each transaction line as printed, since members often list separate lots of the same stock on separate lines. Seventeen filings marked “Amended” were left out, because an amendment can repeat or correct trades that were first reported on time. That choice changes the picture for at least two members. Rep. Julie Johnson, D-Texas, would show 77 more late trades, all from a single amended report filed Aug. 5, 2026. Rep. Ritchie Torres, D-N.Y., and Rep. Gil Cisneros, D-Calif., would each show one more. Paper filings that could not be machine-read were also left out. Gaps are measured from the transaction date to the date the member signed the report, as printed on each form.

Because the House reports values only in ranges, the forms do not say how much any trade made or lost.

Comment

The Inquisitor is seeking comment from the offices of Reps. McClain, Hoyle, Letlow, Biggs, Torres, McCormick, Rulli, Meuser, Morrison and Case, from the House Ethics Committee, and from the Campaign Legal Center and OpenSecrets. Most member offices take press inquiries by phone or web form. This story will be updated with any response.