CONGRESS FOR VOTERS

RepublicanBill · S. 3405· Senate(119-S-3405)

PRC Financial Intermediary Review Act

Rep. McCormick
Age: 61 years
Pennsylvania
Introduced
12/9/2025
Last activity
12/9/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsored by
David McCormick
Cosponsors
Republican - 0Democrat - 1
Finance and Financial Sector
  1. Introduced
  2. In Committee

What this bill would do

This bill, known as the "PRC Financial Intermediary Review Act," directs the Securities and Exchange Commission to perform a specific study. The study focuses on the transparency and cooperation of certain financial entities. Specifically, it targets brokers and dealers that are members of a national securities association and registered with the SEC, as well as investment advisers registered with the SEC. These entities must be controlled by or organized under the laws of the People's Republic of China. The SEC is required to submit a report of its findings to Congress within one year of the Act's enactment.

Yes· 3 of 4

  • Does this give people more protection from unfair business practices?+2

    The study on transparency of China-controlled financial entities may help protect consumers from opaque financial practices.

  • Does this make what the government does easier for the public to see?+2

    The requirement for the SEC to report findings to Congress increases transparency regarding the oversight of foreign-controlled financial entities.

  • Would people with substantial wealth be better off under this?+1

    Increased transparency in financial intermediaries may benefit high net worth individuals by reducing information asymmetry.

The opposite

No question was scored the opposite.