Support and advance legislation to impose a moratorium on CCP-linked broker-dealers and investment advisers until U.S. financial regulators can evaluate their impact on consumer protection and protect U.S. retail investors.
Commitment kind: unknown. Promised action: not established. Promised outcome: not established. Deadline: unknown; not assumed expired.
Occurrences
Senator Dave McCormick (R-PA) and Senator John Fetterman (D-PA) today introduced the PRC Broker-Dealers and Investment Advisers Moratorium Act to protect U.S. markets, consumers, and national economic security. ... “This bill gives the financial regulators necessary time to evaluate the impact on U.S. consumer protection and protects the U.S. retail investor.”
McCormick introduced bipartisan legislation targeting CCP-linked broker-dealers and investment advisers, saying the bill would give regulators time to evaluate consumer-protection impacts and protect retail investors.
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Promise 6 said McCormick would counter China by ending U.S. investment or trade that supports the Chinese Communist Party.
Unverified model/legacy excerpt; not proof. AI summary (separate from source): Campaign material establishes the broader China-investment promise area, but it does not itself prove later Senate delivery on a broker-dealer/investment-adviser moratorium.
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The agenda called for banning U.S. investment or trade supporting the CCP national security state and creating an outbound investment regime.
Unverified model/legacy excerpt; not proof. AI summary (separate from source): This campaign page supports that McCormick promised China-related investment restrictions, but its text is broader than the specific moratorium on CCP-linked broker-dealers and advisers.
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McCormick serves on Senate Banking, which oversees banking, financial markets, housing, and some international economic policy.
Unverified model/legacy excerpt; not proof. AI summary (separate from source): His committee assignment gave him a relevant venue to advance financial-market legislation, including SEC-related legislation, during the same Senate term.
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The official China issue page lists related press on China exchange-rate legislation, Taiwan IMF participation, and fentanyl legislation.
Unverified model/legacy excerpt; not proof. AI summary (separate from source): McCormick’s own China issue page identifies China-related actions, but none is a moratorium on CCP-linked broker-dealers or investment advisers pending regulator review.
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The CERT Act would direct the U.S. Executive Director at the IMF to advocate enhanced transparency in China’s exchange-rate arrangements.
Unverified model/legacy excerpt; not proof. AI summary (separate from source): This is concrete China-related financial legislation from McCormick, but it concerns IMF exchange-rate transparency, not a broker-dealer or investment-adviser moratorium protecting retail investors.
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The bill would require the U.S. Governor at the IMF to support Taiwan admission if Taiwan seeks it.
Unverified model/legacy excerpt; not proof. AI summary (separate from source): Another China-adjacent financial-system action, but it addresses Taiwan’s IMF status rather than CCP-linked broker-dealers or investment advisers.
unverified · Source version 4496 · locator unknown
The bill would establish a joint task force to counter illicit synthetic narcotics and address the PRC’s role in the opioid crisis.
Unverified model/legacy excerpt; not proof. AI summary (separate from source): This shows action on China-related fentanyl issues, not the promised financial-regulatory moratorium for retail-investor protection.
unverified · Source version 63614 · locator unknown
The official legislation page shows recent sponsored items including S.4930, S.4904, S.4686, S.4633, S.4630, and S.4606.
Unverified model/legacy excerpt; not proof. AI summary (separate from source): The visible official legislation list through June 25, 2026 shows unrelated bills and amendments, with no listed bill imposing the promised moratorium.
Mr. McCormick (for himself and Mr. Fetterman) introduced the following bill
Fetched verbatim passage. AI summary (separate from source): Official GPO metadata shows McCormick introduced S. 2552, the PRC Broker-Dealers and Investment Advisers Moratorium Act, during his Senate term. Because GovInfo lists it only as introduced and referred, this is a concrete attempt rather than enacted delivery.
A broker or dealer shall be prohibited from being a member of a national securities association
Fetched verbatim passage. AI summary (separate from source): The introduced Senate bill text contains the promised broker-dealer prohibition for PRC-connected firms. It supports effort on the exact moratorium concept, but the bill text is introduced legislation, not enacted law.
This bill gives the financial regulators necessary time to evaluate the impact on U.S. consumer protection and protects the U.S. retail investor.
Fetched verbatim passage. AI summary (separate from source): McCormick’s official release describes the bill in the same terms as the commitment: regulator review, consumer protection, and retail-investor protection. This confirms serious matching effort, but not enactment.
the Securities and Exchange Commission shall-- (1) conduct a study on the transparency of, and cooperation regarding
Fetched verbatim passage. AI summary (separate from source): McCormick also introduced a narrower SEC study bill covering PRC-controlled broker-dealers and investment advisers. This advances the regulator-review component, but lacks the promised moratorium.
Requires the Security and Exchange Commission (SEC) to study the transparency and cooperation of broker-dealers and investment advisors controlled or organized under the laws of the PRC.
Fetched verbatim passage. AI summary (separate from source): McCormick’s office says a PRC financial-intermediary study provision he sponsored passed in the FY2026 NDAA. That is partial progress on regulator evaluation, but it does not impose the broker-dealer/adviser moratorium.
Law Number Public Law 119-60 Date Approved December 18, 2025
Fetched verbatim passage. AI summary (separate from source): GovInfo confirms the FY2026 NDAA became Public Law 119-60. This supports the enacted status of the NDAA vehicle cited by McCormick for the SEC study provision, while the moratorium bill itself remains unresolved.
Public state: unverifiedAs of unknown · legacy_unverified · . Original AI recommendation (not independently established): never.same_term
The evidence shows McCormick pursued several China-related bills and served on Senate Banking, but none imposed or materially advanced a moratorium on CCP-linked broker-dealers or investment advisers pending U.S. regulator review for retail-investor protection. The listed legislative actions concern fentanyl, exchange-rate transparency, Taiwan and IMF participation, and broader China policy, which are adjacent but not the promised financial-regulatory moratorium. No serious matching legislative attempt is shown, so effort credit is not warranted.
provider codex_cli · model gpt-5.5 · confidence 82%