Vol. I, No. 1Washington, D.C.Free

Swamp Watch / Explainers

Explainer

How financial disclosures work

Senior federal officials must report their assets, income, and trades. Here is what the reports show and where to find them.

The short version

The Ethics in Government Act of 1978 requires the president, members of Congress, senior executive branch officials, and federal candidates to file public financial disclosure reports listing their assets, income, debts, and outside positions, along with those of their spouses.

Ranges, not exact numbers

Most values are reported in ranges, such as $1,001 to $15,000 or $1,000,001 to $5,000,000. That is why stories based on disclosures often say a holding or trade was worth up to a certain amount.

Trades

The STOCK Act of 2012 added periodic transaction reports. Covered officials must report most stock, bond, and similar trades over $1,000 within 30 days of being notified of the trade, and no later than 45 days after it.

Where to find them

House reports are posted by the Clerk of the House, Senate reports by the Secretary of the Senate, and executive branch reports, filed on OGE Form 278e, can be requested from the Office of Government Ethics or found on agency websites.

How Swamp Watch uses this

When we report on a trade or holding, we cite the disclosure or reporting based on it, quote the range as filed, and note when a report was amended or filed late.

In our reporting

Related receipts

Recent Swamp Watch receipts on this subject.