[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3405 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 3405

 To require the Securities and Exchange Commission to conduct a study 
    regarding certain brokers and dealers that are controlled by or 
  organized under the laws of the People's Republic of China, and for 
                            other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                            December 9, 2025

Mr. McCormick (for himself and Mr. Fetterman) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To require the Securities and Exchange Commission to conduct a study 
    regarding certain brokers and dealers that are controlled by or 
  organized under the laws of the People's Republic of China, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``PRC Financial Intermediary Review 
Act''.

SEC. 2. STUDY AND REPORT.

    Not later than 1 year after the date of the enactment of this Act, 
the Securities and Exchange Commission shall--
            (1) conduct a study on the transparency of, and cooperation 
        regarding--
                    (A) brokers and dealers that are--
                            (i) members of a national securities 
                        association and registered with the Securities 
                        and Exchange Commission; and
                            (ii) controlled by or organized under the 
                        laws of the People's Republic of China; and
                    (B) investment advisers that are registered with 
                the Securities and Exchange Commission and controlled 
                by or organized under the laws of the People's Republic 
                of China; and
            (2) submit to Congress a report that includes the results 
        of the study conducted under paragraph (1).
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