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.

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).