PRC Financial Intermediary Review Act

# PRC Financial Intermediary Review Act Summary **What the Bill Would Do:** The PRC Financial Intermediary Review Act (S 3405) would establish a review process for financial institutions and intermediaries that handle investments or financial transactions involving the People's Republic of China (PRC). While the bill's full details aren't specified in the available information, legislation with this title typically aims to increase oversight of financial dealings with Chinese entities to address national security and economic concerns. **Who It Affects:** This bill would primarily affect banks, investment firms, asset managers, and other financial intermediaries that engage in transactions with China or Chinese entities. It could also impact American investors and companies with Chinese business connections, as new review requirements might affect how these transactions are processed. **Current Status:** As of now, the bill remains in committee and has not advanced to a floor vote.

It was introduced by Senator David McCormick (R-PA) in the 119th Congress. The bill has not yet become law and would need to pass committee review, floor votes in both the Senate and House, and presidential approval to take effect.