United States 119th Congress Status: In Committee Bipartisan · 1 R · 1 D cosponsors

S 2552 — PRC Broker-Dealers and Investment Advisers Moratorium Act

Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the Senate. Introduced July 30, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Senate.

Prognosis

Advancing 34% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (1 R · 1 D) — cross-party backing.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

How this bill changes current law

4 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill introduces restrictions preventing brokers and dealers with connections to the People's Republic of China from being members of national securities associations and prohibits similar investment advisers from registering with the SEC.

  • 15 U.S.C. 78o-3

    ``(o) Prohibition on Membership Related to Chinese Ownership.-- (1) Definitions.--In this subsection: (A) Affiliate.--The term `affiliate' has the meaning given the term in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841). (B) Control.--The term `control' means beneficially owning, either directly or through 1 or more companies, more than 25 percent of the voting securities of an entity. (C) U.S. person.--The term `U.S. person' means-- (i) a United States citizen or an alien lawfully admitted for permanent residence to the United States; or (ii) an entity organized under the laws of the United States or any jurisdiction within the United States, including a foreign branch of such an entity. (2) Prohibition.--A broker or dealer shall be prohibited from being a member of a national securities association if the broker or dealer-- (A) is controlled by an entity organized under the laws of, or otherwise subject to the jurisdiction of, the People's Republic of China; (B) is controlled by a national of the People's Republic of China who resides in the People's Republic of China; or (C) has an affiliate organized under the laws of, or otherwise subject to the jurisdiction of, the People's Republic of China that provides the broker or dealer with essential services, including software development or support, product development, or customer service. (3) Examination authority.--A national securities association shall have such examination authority over a member that is a broker or dealer as the association determines to be necessary to ensure compliance with this subsection, including the right to examine the books and facilities of a broker or dealer located in a foreign country.''.

    This addition establishes a prohibition for brokers and dealers connected to the People's Republic of China from being members of a national securities association.

  • 15 U.S.C. 80b-3

    ``(o) Prohibition on Registration Related to Chinese Ownership.-- (1) Definitions.--In this subsection: (A) Affiliate.--The term `affiliate' has the meaning given the term in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841). (B) Control.--The term `control' means beneficially owning, either directly or through 1 or more companies, more than 25 percent of the voting securities of an entity. (C) U.S. person.--The term `U.S. person' means-- (i) a United States citizen or an alien lawfully admitted for permanent residence to the United States; or (ii) an entity organized under the laws of the United States or any jurisdiction within the United States, including a foreign branch of such an entity. (2) Prohibition.--A person shall be prohibited from being registered as an investment adviser if the person-- (A) is controlled by an entity organized under the laws of, or otherwise subject to the jurisdiction of, the People's Republic of China; (B) is controlled by a national of the People's Republic of China who resides in the People's Republic of China; or (C) has an affiliate organized under the laws of, or otherwise subject to the jurisdiction of, the People's Republic of China that provides the broker or dealer with essential services, including software development or support, product development, or customer service. (3) Examination authority.--The Commission shall have such examination authority over an investment adviser as the Commission determines to be necessary to ensure compliance with this subsection, including the right to examine the books and facilities of an investment adviser in a foreign country.''.

    This addition prohibits certain investment advisers with connections to the People's Republic of China from registering with the SEC.

  • 15 U.S.C. 78o-3

    `(o)`

    This deletion removes the prohibition on membership related to Chinese ownership after five years.

  • 15 U.S.C. 80b-3

    `(o)`

    This deletion removes the prohibition on registration related to Chinese ownership after five years.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 545 not signed on

Sponsors (1)

Co-sponsors (1)

Not signed on (545)

545 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors S 2552?
S 2552 is sponsored by McCormick, David (Republican) and Fetterman, John (Democratic).
What is the current status of S 2552?
This bill is in committee in the Senate. Introduced July 30, 2025. It must pass committee before a floor vote.
Where can I track S 2552?
Track S 2552 free on One Click Politics — get push/email alerts when it moves.

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