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Glossary

Congressional Trading Glossary

Plain-English definitions of every term you need to read congressional stock disclosures. Each entry is its own page with a longer explanation and citable answer — feel free to link to or cite specific terms.

  • STOCK Act

    The 2012 federal law requiring members of Congress and senior executive-branch officials to publicly disclose stock trades within 45 days.

  • Periodic Transaction Report (PTR)

    The form a member of Congress files within 45 days of a single stock trade, as required by the STOCK Act.

  • Annual Financial Disclosure (AFD)

    The yearly net-worth-style filing each member of Congress submits, separate from per-trade PTRs.

  • 45-day reporting window

    Members of Congress must file a Periodic Transaction Report within 45 days of any individual security trade.

  • House Clerk Financial Disclosures

    All House Periodic Transaction Reports are filed at disclosures-clerk.house.gov as public PDFs.

  • Senate eFD

    All Senate Periodic Transaction Reports are filed at efdsearch.senate.gov as public web forms.

  • Alpha

    Alpha is the return of a politician's trades above what they'd have earned holding the S&P 500 over the same period.

  • Compound Annual Growth Rate (CAGR)

    CAGR is the annualized rate of return on a simulated portfolio that follows the politician's disclosed trades.

  • Options leverage in PTRs

    Members of Congress can trade options the same way they trade stocks. PTRs include strike + expiration but not exact contract quantities.

  • Conviction Score

    A 1–10,000 numeric score we publish per trade indicating how 'notable' the position is, based on size, leverage, sector context, and politician history.

  • Cluster event

    Three or more members of Congress trading the same ticker within a 72-hour window. Often signals coordinated information.