Why congressional trade amounts are ranges
Members of Congress report each trade as one of ten dollar ranges, such as $1,001–$15,000, because the disclosure law asks for a range and not an exact figure. Any dollar total built from these reports is therefore an estimate, and on this site the trade map and charts use the top of each range.
In brief
- There are ten ranges; the lowest is $1,001–$15,000 and the highest is over $50,000,000.
- The widest gap between bottom and top is fifteen-fold.
- Tables on this site show the range exactly as filed.
- The trade map and charts add up the top of each range, and say so.
What are the ranges?
| Range on the form | Top of range used in totals here |
|---|---|
| $1,001 – $15,000 | $15,000 |
| $15,001 – $50,000 | $50,000 |
| $50,001 – $100,000 | $100,000 |
| $100,001 – $250,000 | $250,000 |
| $250,001 – $500,000 | $500,000 |
| $500,001 – $1,000,000 | $1,000,000 |
| $1,000,001 – $5,000,000 | $5,000,000 |
| $5,000,001 – $25,000,000 | $25,000,000 |
| $25,000,001 – $50,000,000 | $50,000,000 |
| Over $50,000,000 | No top is stated |
There is one more box, used only for an asset owned solely by a spouse or dependent child: "over $1,000,000", with no upper brackets.
Why not exact amounts?
Because the disclosure law asks for a category of value, not a figure. Financial disclosure for federal officials has worked this way since long before the STOCK Act: the forms show the scale of a holding or a trade, not a household's exact finances. The STOCK Act added speed (reports within 45 days) and kept the ranges.
How does this site turn ranges into totals?
In tables, it does not: each row shows the range as filed. For the trade map and the charts, where trades have to be added together, the site uses the top of each range. A trade reported as $15,001–$50,000 counts as $50,000.
That choice is stated next to each chart, and it means totals here are upper estimates. A member whose page shows $2 million of purchases reported trades whose ranges top out at $2 million; the true figure is somewhere between the bottoms and the tops, and is usually well below the top.
Other sites use the midpoint or the bottom. None of these is the "real" number, which is not public. Comparing members on the same basis is sound; comparing a top-of-range total here with a midpoint total somewhere else is not.
Can I compare Congress with corporate insiders?
Only roughly. Corporate insiders report exact share counts and prices on Form 4, so their dollar figures are precise. Congressional figures are tops of ranges. The site keeps the two apart for that reason: on the combined map the tooltip shows the Congress and insider amounts separately.
Questions and answers
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.
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.
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.
See it on this site
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