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
primary · official_post · model gpt-4.1

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.

McCormick introduced a bill directing the SEC to study PRC-controlled brokers and dealers.

S. 3405 (IS) - PRC Financial Intermediary Review Act - BILLS-119s3405is | Content Details | GovInfo
primary · other · model gpt-5.4-mini

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%

Congress.gov lists S.3405, the PRC Financial Intermediary Review Act, sponsored by Sen. David McCormick and introduced on 2025-12-09. The latest action is referral to the Senate Banking, Housing, and Urban Affairs Committee, and the tracker status is Introduced.

This appears to be the closest official legislative vehicle for the SEC/PRC financial-intermediary review promise. It shows concrete same-term action by McCormick, but no passage or enactment as of the reviewed record.

never same_term A for effort

Senator David McCormick | Congress.gov | Library of Congress
secondary · model gpt-5.5 · confidence 86%

Congress.gov lists S.2552, the PRC Broker-Dealers and Investment Advisers Moratorium Act, sponsored by Sen. David McCormick and introduced on 2025-07-30. The latest action is referral to the Senate Banking, Housing, and Urban Affairs Committee, and the tracker status is Introduced.

McCormick introduced related legislation on PRC-linked broker-dealers and investment advisers, but the bill remained only introduced/referred and was not enacted into a requirement for the SEC to conduct the promised study.

partial same_term A for effort

Senator David McCormick | Congress.gov | Library of Congress
secondary · model gpt-5.5 · confidence 90%

McCormick’s Senate office announced that he and Sen. Fetterman introduced the PRC Broker-Dealers and Investment Advisers Moratorium Act, saying the bill would give regulators time to evaluate effects on consumer protection and retail investors. The release also states that SEC and FINRA lack examination or enforcement authority in mainland China.

The press release confirms a concrete legislative effort addressing PRC-linked broker-dealers/investment advisers and regulatory transparency concerns, but it does not show enactment or completion of an SEC study.

partial same_term A for effort

Senators McCormick & Fetterman Introduce Legislation to Target PRC Financial Firms & Protect U.S. Economic Security
secondary · model gpt-5.5 · confidence 88%

The Congress.gov tracker entries for the relevant McCormick bills show only the Introduced step completed; later steps such as passed Senate, passed House, to President, and became law are not completed.

Because the relevant bills had not advanced beyond introduction/referral, the promised legal requirement for an SEC study had not been delivered during McCormick’s same Senate term as of the available official record.

never same_term A for effort

Senator David McCormick | Congress.gov | Library of Congress
secondary · model gpt-5.5 · confidence 84%