Guides / FAQ
Frequently asked questions
Short answers first. Each one links to the guide that explains it in full.
82 short answers about the public records on this site, from whether members of Congress can trade stocks to what a Form 4 code means and how I Bond rates are set. Each answer links to a full guide and to the official source.
Congress trades
Can members of Congress legally buy and sell stocks?
Yes. Members of Congress may trade individual stocks. The STOCK Act requires them to report each trade over $1,000 within 45 days and confirms that insider-trading law applies to them. Can members of Congress trade stocks? →
Has Congress passed a stock trading ban?
No. As of October 8, 2026, no ban has become law. The House passed the Stop Insider Trading Act (H.R. 7008) on July 22, 2026, but a Senate vote to take it up fell short on September 30, 2026. Can members of Congress trade stocks? →
Do spouses of members of Congress have to report trades?
Yes. A member's report covers trades in assets owned by the member, their spouse or a dependent child, and each row says whose asset it was. Can members of Congress trade stocks? →
What is the penalty for a late congressional stock disclosure?
The standard penalty is a $200 late fee for a report filed more than 30 days past its due date. The chamber's ethics committee may waive it in unusual circumstances. Can members of Congress trade stocks? →
What does SP mean on a congressional trade report?
SP means the asset belongs to the member's spouse. House reports also use DC for a dependent child and JT for a joint holding; a blank owner means the member. How to read a congressional trade report →
What is a PTR in Congress?
A PTR is a periodic transaction report, the public form a member of Congress files after buying, selling or exchanging a security worth more than $1,000. How to read a congressional trade report →
Why do some congressional trades have no ticker?
Because the asset is not a listed stock. Bonds, private funds and other assets are reported by name only, so they appear in a member's table but not on the trade map, which is organised by ticker. How to read a congressional trade report →
Why are congressional stock trades reported in ranges?
Because federal disclosure law asks officials to report the value of a trade in a category, not an exact figure. The form has ten ranges, from $1,001–$15,000 to over $50,000,000. Why congressional trade amounts are ranges →
How are dollar totals for Congress calculated on Spot the Money?
The trade map and charts add up the top of each reported range, so totals are upper estimates. Tables show each range exactly as filed. Why congressional trade amounts are ranges →
What is the smallest congressional trade that must be reported?
A trade must be reported when it is worth more than $1,000. The lowest range on the form is $1,001–$15,000. Why congressional trade amounts are ranges →
How long do members of Congress have to report a stock trade?
They have 30 days from being notified of the trade, and never more than 45 days from the trade itself. Late congressional trade disclosures →
What does the late flag mean on Spot the Money?
It means the report was filed more than 45 days after the trade date. For corporate insiders the flag means a Form 4 filed more than 4 days after the trade. Late congressional trade disclosures →
Is a late congressional stock disclosure illegal?
It breaks the STOCK Act's deadline and normally carries a $200 late fee. It is not, by itself, evidence of insider trading. Late congressional trade disclosures →
Are Senate stock trades included on Spot the Money?
Yes. Senate periodic transaction reports are included and are added in batches, because the Senate's site does not allow automated readers. House reports are read daily. House and Senate disclosures: how they differ →
Do senators and House members follow the same stock trading rules?
Yes. Both report trades over $1,000 within 45 days, in the same dollar ranges. They file in different systems, so the forms look different. House and Senate disclosures: how they differ →
Why does a member show fewer trades here than on their filing?
The most common reason is a paper or scanned filing, which cannot be read automatically and is held until a person transcribes it. Rows without a ticker also stay off the trade map. House and Senate disclosures: how they differ →
Insider trades
What is a Form 4 filing?
Form 4 is the SEC filing that a company's officers, directors and owners of more than 10% of its stock must make within two business days of trading that stock. It shows the date, shares, price and holdings afterwards. What is SEC Form 4? →
Is insider trading reported on Form 4 legal?
Yes. Form 4 reports lawful trades by company insiders in their own company's stock. Illegal insider trading means trading on important information that is not public, in breach of a duty of trust. What is SEC Form 4? →
How soon after a trade must an insider file Form 4?
Before the end of the second business day after the trade. What is SEC Form 4? →
Who counts as a corporate insider?
For SEC reporting, a company's officers, its directors, and anyone who owns more than 10% of a class of its shares. What is SEC Form 4? →
What does code P mean on Form 4?
Code P means the insider purchased shares, on the open market or in a private deal. It is the code that marks a real insider buy. Form 4 transaction codes →
What does code F mean on Form 4?
Code F means shares were handed back to the company to pay tax or the exercise price when an award vested or an option was exercised. It is not a decision to sell on the market. Form 4 transaction codes →
What does code M mean on Form 4?
Code M means an option or similar award was exercised or converted into shares. It is usually followed by rows showing the shares received. Form 4 transaction codes →
What does code A mean on Form 4?
Code A means the insider received a grant or award from the company, such as restricted stock or options given as pay. Form 4 transaction codes →
What is a 10b5-1 plan?
A 10b5-1 plan is a written instruction an insider gives a broker in advance to trade fixed amounts on set dates or prices. It protects the insider from insider-trading claims if it was adopted in good faith without important non-public information. Rule 10b5-1 trading plans →
Why does Spot the Money hide 10b5-1 trades by default?
Because a plan trade was decided at least 90 days earlier, so it says little about the insider's current view. The map's "With plans" setting brings them back. Rule 10b5-1 trading plans →
How long is the cooling-off period for a 10b5-1 plan?
For officers and directors, at least 90 days, or two business days after the next quarterly results if later, up to 120 days. For other people, 30 days. Rule 10b5-1 trading plans →
Why do insiders sell more stock than they buy?
Because most executives and directors are paid partly in shares. They receive stock through grants, which are not purchases, and must sell it to raise cash, so sales greatly outnumber purchases in normal times. Insider buying vs insider selling →
Is insider selling a bad sign?
Not by itself. Insiders sell to pay tax, diversify, fund spending or follow a pre-set plan, and a filing does not say which reason applied. A sale shows that shares were sold, not what the seller expects. Insider buying vs insider selling →
Is insider buying a good sign?
An open-market purchase costs the insider their own money and is generally treated as more informative than a sale. It is still not a forecast: insiders can be early or wrong, and this site makes no recommendations. Insider buying vs insider selling →
What is a cluster buy?
A cluster buy is several insiders of the same company buying shares on the open market within a short period. Insider buying vs insider selling →
What does Option / conversion mean on an insider's trades?
It marks a row from the derivatives table of Form 4, or an exercise or conversion of an option. These rows are listed but are not counted as buying or selling the stock. Options and derivatives on Form 4 →
Does exercising stock options count as insider buying?
No. An exercise converts an award granted earlier into shares at a preset price. It is reported with code M and is not an open-market purchase. Options and derivatives on Form 4 →
Why are insider option trades not in the buy and sell totals?
Because an option is not the stock. Buying a put is a bet on a fall and selling a call sells no shares, so adding them to buying or selling would misstate both direction and size. Options and derivatives on Form 4 →
What is a 10% owner on Form 4?
A 10% owner is a person or fund that holds more than 10% of a class of a company's shares. They must report trades on Form 4 just as officers and directors do. 10% owners and joint filings →
What does "also in another filing" mean?
It means the same trade was reported on more than one Form 4, usually by related funds that own the shares together. Trades of $250,000 or more are counted once in totals. 10% owners and joint filings →
Why are the biggest insider sales by funds and not executives?
Because funds that own more than 10% of a company hold far more stock than any executive, and selling down a stake is how a fund returns money to its own investors. 10% owners and joint filings →
Washington money
Can corporations donate to members of Congress?
No. Corporations and unions may not give their own funds to federal candidates. They can sponsor a PAC funded by voluntary gifts from employees and shareholders, and company totals on donation sites are sums of gifts from people who work there. Campaign donations: how to read FEC data →
How much can an individual donate to a federal candidate?
For 2025–2026, $3,500 per election to a candidate, with the primary and the general counted separately. Campaign donations: how to read FEC data →
Why does a donation take months to show up?
Because campaigns report on a schedule. House and Senate campaigns file quarterly, so a gift made early in a quarter can become public about three and a half months later. Campaign donations: how to read FEC data →
Does Spot the Money show individual donors?
No. It shows totals by committee, by donor employer and by state. Individual records are available from the FEC's own search. Campaign donations: how to read FEC data →
What is an LD-2 lobbying report?
An LD-2 is the quarterly report a lobbying firm or an organisation with in-house lobbyists files under the Lobbying Disclosure Act. It names the client, the amount, the issues and the institutions contacted. Lobbying disclosure reports →
Do lobbying reports say which lawmakers were lobbied?
No. A report lists the House, the Senate or a federal agency as the body contacted. It does not name individual members of Congress or staff. Lobbying disclosure reports →
How accurate are reported lobbying amounts?
They are good-faith estimates rounded to the nearest $10,000, and they cover only activity the law defines as lobbying, so they understate total spending on influence. Lobbying disclosure reports →
Is lobbying legal?
Yes. Petitioning the government is protected by the First Amendment. The Lobbying Disclosure Act does not restrict lobbying; it requires paid lobbying above a threshold to be reported. Lobbying disclosure reports →
What is the difference between an obligation and an outlay?
An obligation is money the government has committed to pay, for example by signing a contract. An outlay is money that has actually been paid. Federal contracts: how to read USAspending data →
Why are Department of Defense contracts missing from recent data?
Because Defense contract records are released to the public after a 90-day delay. Federal contracts: how to read USAspending data →
Does Spot the Money list every federal contract?
No. It shows the largest awards that started in each of the last six months and awards to companies it tracks, matched by exact name. Federal contracts: how to read USAspending data →
Is a contract's award value the amount paid?
No. The current award value is what has been committed so far, and the potential value is a ceiling. The amount actually paid is the outlay, which is often lower. Federal contracts: how to read USAspending data →
Rates
What is the current I Bond rate?
The current I Bond composite rate is 4.26% for bonds issued from May 1, 2026: a 0.90% fixed rate plus a six-month inflation rate of 1.67%. The next reset is November 1, 2026. How I Bond rates work →
When do I Bond rates change?
The Treasury announces new rates each May 1 and November 1; the next is November 1, 2026. An existing bond takes up each new inflation rate every six months counted from its own issue month. How I Bond rates work →
How much can I buy in I Bonds each year?
Up to $10,000 per person per calendar year, bought electronically through TreasuryDirect. How I Bond rates work →
Can an I Bond lose value?
No. The composite rate cannot go below zero, so a bond's value never falls. Cashing in before five years costs the last three months of interest. How I Bond rates work →
What is an inverted yield curve?
A yield curve is inverted when short-term Treasury yields are higher than long-term yields. The usual tests are the 10-year yield minus the 2-year, or minus the 3-month, falling below zero. The Treasury yield curve explained →
Does an inverted yield curve mean a recession is coming?
Not necessarily. Inversions have come before past U.S. recessions but have also given false alarms, and the gap between inversion and recession has varied from months to years. The Treasury yield curve explained →
What is a basis point?
A basis point is one hundredth of a percentage point. A yield that moves from 4.00% to 4.25% has risen 25 basis points. The Treasury yield curve explained →
Where do Treasury yield curve rates come from?
The Treasury publishes them every business day. They are estimated from late-afternoon market prices of recently issued Treasury securities, at fourteen maturities from 1 month to 30 years. The Treasury yield curve explained →
What is a real yield?
A real yield is the return on a bond after inflation. Yields on TIPS are real yields because the bond's principal already rises with the Consumer Price Index. TIPS, real yields and breakeven inflation →
How is breakeven inflation calculated?
Subtract the yield on a TIPS from the yield on an ordinary Treasury of the same maturity. The result is the average inflation rate at which the two would give the same return. TIPS, real yields and breakeven inflation →
Can TIPS lose money?
Held to maturity, TIPS return at least the original principal plus the inflation adjustment. Sold earlier, they can lose money, because their market price falls when real interest rates rise. TIPS, real yields and breakeven inflation →
What is the difference between TIPS and I Bonds?
Both follow the same price index. TIPS are traded securities whose price can fall and which have no practical purchase limit; I Bonds are savings bonds that cannot be traded, never lose value, and are limited to $10,000 a year per person. TIPS, real yields and breakeven inflation →
Using this site
What do the colours on the trade map mean?
Colour shows how much of the trading in a stock was buying. On the scatter chart a dot runs from red (nearly all sales) through yellow (about even) to green (nearly all purchases). On the heatmap, green means buying outweighed selling and red the reverse, stronger the more one-sided it was. How to use the trade map →
How do I read the scatter chart on the trade map?
Each dot is one stock. Left to right shows how much the page's own group bought or sold, up and down shows whether the other group was a net buyer or seller, and dot size is the dollars involved. Buying shows the right half, Selling the left half and Net all four quarters. How to use the trade map →
Does the trade map use the trade date or the filing date?
The filing date. The 7D, 30D, 90D and 1Y periods count trades by when they were disclosed, because that is when the public could first see them. How to use the trade map →
Are the market cap bands live market values?
No. They are estimates from SEC filings: reported shares outstanding times the typical price in recent insider trades, or the reported public float. How to use the trade map →
Does a congressional stock trade prove insider trading?
No. A filing shows that a trade happened and when it was reported. It does not show what the member knew or why they traded. What disclosure data cannot tell you →
Is Spot the Money investment advice?
No. The site republishes public records and totals them by stated rules. It makes no recommendations and does not execute trades. What disclosure data cannot tell you →
Can I see how much profit a member of Congress made on a trade?
No. Congressional reports give a dollar range and a date, with no price or share count, so profit cannot be calculated from them. What disclosure data cannot tell you →
Is every congressional and insider trade on the site?
No. Scanned filings wait to be read by hand, Senate reports arrive in batches, insider filings are covered for a tracked set of stocks, and assets without a ticker are not on the map. What disclosure data cannot tell you →
How do I cite Spot the Money?
Credit "Spot the Money (spotthemoney.com)" and link to the page you used. The Cite button on every page gives a ready-made citation in plain, APA, MLA and Chicago style with the access date filled in. How to cite and reuse Spot the Money →
Can I use Spot the Money charts in an article?
Yes, with a credit and a link. Each chart can be linked, saved as an image that carries the site name, or embedded on member and stock pages. How to cite and reuse Spot the Money →
Is Spot the Money data free to reuse?
Figures may be quoted and reused with a credit and a link. Federal law separately limits commercial use of congressional disclosure reports and of donor details from FEC reports. How to cite and reuse Spot the Money →
Can I download congressional stock trades as a CSV file?
Yes. Spot the Money offers free CSV files with no sign-up: one with every congressional trade on record, one per member, and one per ticker, each row with a link to the original report. Federal law bars commercial use of congressional disclosure reports other than by news media. How to cite and reuse Spot the Money →
Is there a free download of insider trading (Form 4) data?
Yes. The downloads page has Form 4 transactions as free CSV files, one per quarter plus a file for the last 90 days, and one file per ticker. Each row has the insider, the transaction code, shares, price, value and a link to the filing on SEC EDGAR. How to cite and reuse Spot the Money →
Should I cite the original filing or Spot the Money?
Cite the original government filing for the fact of a trade, and this site for totals, rankings and charts it computed. Every row links to its filing. How to cite and reuse Spot the Money →
Does a Spot the Money account cost anything?
No. Accounts and watchlists are free, and the site never asks for a payment. How to follow members, insiders and stocks →
How quickly does a new trade show up on my watchlist?
As soon as the site has loaded the filing, usually within a day of it becoming public. Members of Congress can report up to 45 days after a trade, so the trade itself may be weeks old. How to follow members, insiders and stocks →
Can other people see what I follow?
Only if you share a list, and then only that list: its name, the pages on it and their recent trades. Your email address is never shown. How to follow members, insiders and stocks →
Where do the price charts on my watchlist come from?
From TradingView: the same free widget as on each stock page, in a three-month view. Prices there are delayed, not real-time. Spot the Money stores no prices, and the trade figures beside each chart come from government filings, not from the chart. How to follow members, insiders and stocks →
Will I get email alerts?
Not yet. New trades appear on your watchlist page and as a count on the bookmark icon. Email alerts, when added, will be opt-in. How to follow members, insiders and stocks →
Not investment advice. These answers explain public records and how this site presents them. Something missing or wrong? Tell us.