Late Filings Hide Congressional Trading Profits

Michigan Representative Shri Thanedar was late in disclosing a January sale of Apple stock worth between $100,001 and $250,000. The sale occurred on January 9, but he reported it 171 days later on August 13.

The STOCK Act requires lawmakers to file periodic transaction reports (PTRs) within 30-45 days of receiving notification of a covered transaction. Thanedar's report fell outside this window, with the deadline for the sale being February 23.

Apple closed at $259.37 on January 9 and rose to $305.26 by August 13, resulting in an almost 18% gain during the period when the public was unaware of the trade.

This is not an isolated incident; several House members missed the deadline for disclosing their transactions, including Rep. Michael Rulli of Ohio and Rep. Tracey Mann of Kansas. The consequences for late filings are relatively minor, with a $200 fee imposed on the first instance and up to $200 per transaction in subsequent cases.