We have received text from S. 3405: PRC Financial Intermediary Review Act. This bill was received on 2025-12-09, and currently has 1 cosponsor.
Here is a short summary of the bill:
This bill, known as the PRC Financial Intermediary Review Act, aims to enhance oversight and transparency regarding certain financial entities. Here are the key components of what the bill proposes:
Objective of the Bill
The primary goal of the bill is to require the Securities and Exchange Commission (SEC) to conduct an in-depth study of specific brokers and dealers, along with investment advisers, that are:
- Members of a national securities association
- Registered with the SEC
- Controlled by or organized under the laws of the People’s Republic of China
Study Parameters
The SEC is tasked with examining:
- The transparency of these financial entities
- The level of cooperation these entities provide in terms of regulatory practices
Report Submission
Following the study, the SEC must submit a report to Congress. This report will include the findings and results from their examination of the specified brokers, dealers, and investment advisers.
Timeline
The SEC is given a period of one year from the enactment of the bill to conduct the study and produce the report.
Intended Impact
The intent behind this legislation appears to focus on enhancing regulatory scrutiny over financial intermediaries that have connections to China, which may be driven by broader concerns regarding financial security and transparency in international financial markets.
Relevant Companies
None found
Senator David McCormick Bill Proposals
Here are some bills which have recently been proposed by Senator David McCormick:
- S.3524: A bill to amend title 54, United States Code, to modify certain cost-sharing requirements for grant programs under the American Battlefield Protection Program, and for other purposes.
- S.3519: A bill to amend the Export Control Reform Act of 2018 to provide for control of remote access to items, and for other purposes.
- S.3513: A bill to impose sanctions with respect to foreign persons dealing in crude oil or petroleum products of Russian Federation origin.
- S.3447: A bill to amend the Financial Stability Act of 2010 to establish an advisory committee on economic impacts of military escalation by the People's Republic of China toward Taiwan, and for other purposes.
- S.3405: PRC Financial Intermediary Review Act
- S.3269: Liquid Cooling for AI Act of 2025
You can track bills proposed by Senator David McCormick on Quiver Quantitative's politician page for McCormick.
Senator David McCormick Net Worth
Quiver Quantitative estimates that Senator David McCormick is worth $174.8M, as of January 1st, 2026. This is the 10th highest net worth in Congress, per our live estimates.
McCormick has approximately $9.0M invested in publicly traded assets which Quiver is able to track live.
You can track Senator David McCormick's net worth on Quiver Quantitative's politician page for McCormick.
Senator David McCormick Stock Trading
We have data on up to $44.0M of trades from Senator David McCormick, which we parsed from STOCK Act filings. Some of the largest trades include:
- A January 16th, 2025 sale of up to $5M of $RUM. The stock has fallen 42.78% since then.
- A February 28th, 2025 sale of up to $5M of $GS. The stock has risen 42.69% since then.
- A February 25th, 2025 purchase of up to $100K of $BITB. The stock has risen 2.34% since then.
- A May 6th, 2025 sale of up to $15K of $IJR. The stock has risen 22.11% since then.
You can track Senator David McCormick's stock trading on Quiver Quantitative's politician page for McCormick.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
