McCaul, Lee and Rogers filed trade reports past the STOCK Act’s 45-day limit, House records show

By Rosalind Kerrow

WASHINGTON — Three House Republicans filed periodic transaction reports this fall that list trades dated more than 45 days before the reports reached the House Clerk, according to the dates printed on the filings themselves. The largest of the three, from Rep. Michael McCaul of Texas, discloses about 90 transactions in accounts tied to his wife, including four purchases of private-equity funds each valued at $500,001 to $1 million.

The STOCK Act requires members to report a covered trade within 30 days of being notified of it, “but in no case later than 45 days after” the transaction, under 5 U.S.C. § 13105(l). The House form warns that a $200 penalty “shall be assessed” against filers who are late. The Inquisitor’s count below uses the transaction, notification and receipt dates shown on each report. Whether a fee was assessed or paid is not shown in the public record. Late reports are common in both parties: an Inquisitor review published Sunday found that roughly one in seven reported trades this year was filed late.

McCaul: four private-equity funds, about 90 trades

McCaul’s four-page, hand-delivered report was stamped received by the Clerk’s Legislative Resource Center on Oct. 14, according to the filing. Every transaction on it is marked as a spouse transaction, and every one lists Sept. 5 as the date McCaul was notified. The trades are dated from Aug. 3 through Aug. 31. That puts the receipt date 39 days after notification, and more than 45 days after nearly all of the trades.

Most of the trades were made through LLM Family Investments LP. The four largest purchases listed under that entity were:

• TPG Private Equity Opportunities LP, Class I, on Aug. 5: $500,001 to $1,000,000
• Blackstone Private Equity Strategies Fund LP, Class I, on Aug. 20: $500,001 to $1,000,000
• KKR Private Equity Conglomerate LLC, Class I, on Aug. 21: $500,001 to $1,000,000
• CH Private Equity 2025 Fund LP on Aug. 28: $500,001 to $1,000,000

The report also lists the sale of a Fidelity Advisor Floating Rate High Income fund on Aug. 18 at $500,001 to $1,000,000. It shows municipal-bond purchases from Texas, Arkansas, New York and New Jersey issuers at $50,001 to $250,000 each. Dozens of smaller trades, each $1,001 to $15,000, involve stocks including Amazon, Intuit, SAP, Workday, ConocoPhillips and Taiwan Semiconductor. A second entity, LLM Family Investments II LP, bought Accenture twice and sold Merck and Nucor, each at $50,001 to $100,000.

McCaul is vice chair of the Homeland Security Committee and a member of Foreign Affairs, which he previously chaired, according to the Clerk’s member listing. He announced in September 2025 that he would not seek another term. The KKR fund on his report also appears on an Oct. 1 report from Rep. Diana Harshbarger, R-Tenn. Both purchases were made in late August, the filings show.

Lee: a Bank of America sale reported after 53 days

Rep. Laurel Lee, R-Fla., digitally signed an electronic report on Oct. 16 that lists her spouse’s sale of Bank of America stock on Aug. 24, valued at $50,001 to $100,000. The notification date listed is Sept. 21, so the report came 25 days after notification but 53 days after the trade. The same report lists a spouse purchase of Nokia on Sept. 18 at $15,001 to $50,000, which was filed within the deadline.

Lee is vice chair of the Committee on House Administration, which oversees the chamber’s internal operations, and sits on Energy and Commerce and Judiciary.

Rogers: an Electronic Arts redemption reported after 49 days

Rep. Harold Rogers, R-Ky., the longest-serving member of the House, filed a paper report received Sept. 23. It describes a sale on Aug. 5 as “Redeemed Electronic Arts,” valued at $1,001 to $15,000, with a notification date of Sept. 22, according to the filing. The receipt came one day after notification but 49 days after the transaction. Rogers sits on the Appropriations Committee, which he chaired from 2011 to 2017.

What the deadline means

The two clocks in the law often diverge for trades made by brokers, trustees or spouses, when a member may learn of a transaction weeks after it happens. The statute’s backstop is the 45-day limit. A report filed within 30 days of notification can still miss it. The Committee on Ethics’ financial disclosure guidance tells members to file periodic transaction reports within 30 days of notification and no later than 45 days after the transaction.

Nothing in these filings, or in any public ethics finding reviewed by the Inquisitor, indicates wrongdoing beyond the timing shown on the forms. The Inquisitor found no House Ethics Committee action related to these reports.

Comment

The Inquisitor has asked the House Clerk’s office whether late-filing fees were assessed. It also sought comment from Citizens for Responsibility and Ethics in Washington, Public Citizen, the National Taxpayers Union and Taxpayers for Common Sense. The offices of McCaul, Lee and Rogers do not publish press email addresses, and the Inquisitor is contacting them through their published Washington office lines. Any responses will be added to this story.

Trade values are reported by members only in ranges. The Inquisitor reports those ranges and does not estimate exact amounts. Every filing cited is linked above.