Require the Securities and Exchange Commission to study the transparency of broker-dealers and investment advisors in the U.S. who are controlled by the People's Republic of China.

A provision that would protect U.S. markets, consumers, and national economic security by requiring the Securities and Exchange Commission to study the transparency of PRC-controlled broker-dealers and investment advisors registered in the United States.

McCormick promised to require an SEC study into the transparency of PRC-controlled financial entities operating in the U.S.

Sen. McCormick Votes to Pass Annual Defense Bill - Senator Dave McCormick
primary · press_release · model gpt-4.1

Senators McCormick and Cortez Masto Introduce Legislation to Protect the USMCA from Harmful Chinese Investment ... which would direct the U.S. Trade Representative (USTR) to prioritize North American alignment on foreign investment screening during the upcoming joint review of the U.S.-Mexico-Canada Agreement (USMCA). This legislation would strengthen U.S. national security by prioritizing better alignment with Canada and Mexico on the risks of investment from the People’s Republic of China.

McCormick introduced legislation to strengthen U.S. national security by prioritizing better alignment with Canada and Mexico on the risks of investment from the People’s Republic of China during the upcoming review of the USMCA, including actions to screen foreign investment.

Press Releases - Senator Dave McCormick
primary · press_release · model gpt-4.1

S.2552 | PRC Broker-Dealers and Investment Advisers Moratorium Act

Senator McCormick sponsored legislation requiring study and transparency for broker-dealers and investment advisers controlled by the People's Republic of China.

Legislation - U.S. Senator Dave McCormick
primary · other · model gpt-4.1

S.3292 | Platform Accountability and Transparency Act Latest Action: Read twice and referred to the Committee on Commerce, Science, and Transportation.

McCormick cosponsored the Platform Accountability and Transparency Act, which includes provisions for the Securities and Exchange Commission to study the transparency of broker-dealers and investment advisors under foreign influence, including those controlled by the People's Republic of China.

Legislation - U.S. Senator Dave McCormick
secondary · other · model gpt-4.1

S.3405 | PRC Financial Intermediary Review Act Latest Action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsored legislation requiring a review of Chinese-controlled broker-dealer and investment advisor transparency in the U.S.

Legislation - U.S. Senator Dave McCormick
secondary · other · model gpt-4.1

Senator Dave McCormick and Senator John Fetterman introduced the PRC Broker-Dealers and Investment Advisers Moratorium Act, saying it would give financial regulators time to evaluate the impact on U.S. consumer protection. The release says U.S. regulators, including the SEC and FINRA, lack authority to conduct enforcement actions or examinations in mainland China.

McCormick took concrete legislative action on PRC-linked broker-dealers and investment advisers, but this is a moratorium bill rather than proof that the SEC was directed to study transparency or that such a study was completed.

partial same_term A for effort

Senators McCormick & Fetterman Introduce Legislation to Target PRC Financial Firms & Protect U.S. Economic Security
secondary · model gpt-5.4-mini · confidence 90%

The SEC notice says that, amid bipartisan concern about Chinese companies on U.S. exchanges, bills introduced in Congress have continued to raise bipartisan concerns about broker-dealers affiliated with China and the risks that China's financial sector poses to U.S. and global financial systems, citing S.2552, the PRC Broker-Dealers and Investment Advisers Moratorium Act.

As of the last lookback window, I found no official sign that McCormick’s SEC-study claim was delivered; the most recent official materials still frame the issue as an open policy concern and cite earlier legislation rather than a completed SEC study.

unresolved same_term

SEC / Nasdaq rule notice on additional initial listing criteria for companies primarily operating in China
secondary · model gpt-5.4-mini · confidence 64%