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PRC Financial Intermediary Review Act
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.
Summary
This bill requires the Securities and Exchange Commission to conduct a study and submit a report to Congress within one year of enactment. The study examines the transparency of and cooperation regarding brokers, dealers, and investment advisers operating in the United States that are controlled by or organized under the laws of the People's Republic of China. The study focuses on entities that are registered with the Securities and Exchange Commission and members of national securities associations. The SEC must report its findings to Congress.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. McCormick, David [R-PA] (R-PA)
1 cosponsor
- Sen. Fetterman, John [D-PA] (D-PA)
Actions (2)
- Dec 9, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Dec 9, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
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). <all>
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