New Bill Introduced by Senator David McCormick: PRC Financial Intermediary Review Act (S. 3405)

As per the recent update, Senator David McCormick has introduced S. 3405: PRC Financial Intermediary Review Act. The bill, received on December 9th, 2025, has one cosponsor. Aimed at enhancing oversight and transparency concerning specific financial entities, this bill proposes several key components.

The primary objective of the PRC Financial Intermediary Review Act is to mandate the Securities and Exchange Commission (SEC) to conduct a detailed study of brokers, dealers, and investment advisers who are members of a national securities association, registered with the SEC, and controlled by or organized under the laws of the People’s Republic of China.

In line with this goal, the SEC is entrusted with the responsibility of assessing the transparency and level of cooperation provided by these financial entities in terms of regulatory practices. Once the study is completed, the SEC is required to submit a comprehensive report to Congress, outlining their findings and results from the examination of the specified brokers, dealers, and investment advisers.

The bill grants the SEC a timeline of one year from its enactment to carry out the study and present the report. The overall aim of this legislative move seems to be focused on augmenting regulatory oversight over financial intermediaries linked to China, possibly driven by broader concerns surrounding financial security and transparency in the global financial markets.

In a related context, Senator David McCormick has proposed several bills alongside S. 3405, including S.3524, which aims to modify cost-sharing requirements for grant programs under the American Battlefield Protection Program, and S.3519, seeking to control remote access to items under the Export Control Reform Act of 2018. Additionally, bill S.3513 looks to impose sanctions on foreign persons dealing in crude oil or petroleum products of Russian Federation origin.

Furthermore, Senator McCormick’s bill, S.3447, seeks to amend the Financial Stability Act of 2010 to establish an advisory committee on the economic impacts of military escalation by the People’s Republic of China toward Taiwan. Alongside these bills, S.3269, the Liquid Cooling for AI Act of 2025, is another legislative proposal under consideration.

On a different note, Quiver Quantitative estimates Senator David McCormick’s net worth to be approximately $174.8 million as of January 1st, 2026, making him one of the wealthiest members of Congress. McCormick holds investments of around $9.0 million in publicly traded assets, according to live estimates provided by Quiver Quantitative.

Regarding his stock trading activities, data from up to $44.0 million of trades made by Senator McCormick has been examined, sourced from STOCK Act filings. Notable trades include the sale of $5 million of RUM and $5 million of GS on different dates in 2025, with subsequent fluctuations in stock values. Additionally, Senator McCormick purchased $100,000 of BITB and sold $15,000 of IJR, with corresponding variations in stock prices after these transactions.

It is essential to note that the information provided regarding Senator David McCormick’s bills, net worth, and stock trading activities is for informational purposes only and not intended as financial advice. Quiver Quantitative’s disclaimers should be consulted for further clarification.