# 119-hr-9028: PRC Broker-Dealers and Investment Advisers Moratorium Act

119-hr-9028, PRC Broker-Dealers and Investment Advisers Moratorium Act, is a 119th Congress bill sponsored by Rep. Lawler, Michael [R-NY-17] (R-NY); status introduced; PRIA reads it as touching household money (as of 2026-07-01).

- Canonical: https://policyrisk.com/legislation/119-hr-9028
- As of: 2026-07-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-9028
- Congress: 119
- Title: PRC Broker-Dealers and Investment Advisers Moratorium Act
- Status: introduced
- Introduced: 2026-05-26
- Sponsor: Rep. Lawler, Michael [R-NY-17] (R-NY)
- Cosponsors: 1
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-07-01

## Summary

**A five-year moratorium on SEC registration for brokers, dealers, and investment advisers with specified ties to the People's Republic of China.** It would stop new registrations when a firm is organized in, controlled by, or closely tied to PRC nationals or PRC-organized service providers. - Broker-dealers would be ineligible to register under Section 15(b) if they are organized under PRC law, controlled by a PRC-organized entity, controlled by a PRC national who lives in the PRC, or associated with PRC-organized providers of platform infrastructure, network services, or software and product development support. - Investment advisers would be ineligible to register under Section 203 for the same kinds of PRC ties, including affiliates that provide software development or support, product development, or customer service. - The bill sets a uniform control test as beneficial ownership of more than 15% of voting securities, directly or through other companies, and the registration ban would automatically end five years after enactment when the new provisions are removed.

## Cosponsors (1)

- Rep. Gottheimer, Josh [D-NJ-5] (D-NJ), 2026-05-26T00:00:00.000Z

## Provisions PRIA read

- Five-year ban on China-linked brokers and advisers: mixed, medium. If enacted, this bill would bar new SEC registration for brokers, dealers, and investment advisers with specified ties to the People’s Republic of China. The ban would apply if the firm is organized under PRC law; is controlled by a PRC-organized entity; is controlled by a PRC national who lives in…

## Related bills

- 119-hr-3151: SHIPS for America Act of 2025
- 119-hr-9237: Take Care of America’s Veterans Act
- 119-hr-6644: 21st Century ROAD to Housing Act
- 119-hr-4393: DIGNIDAD (Dignity) Act of 2025
- 119-hr-3633: Digital Asset Market Clarity Act
- 119-hr-1229: United States-Israel Defense Partnership Act of 2025

## Sources
- [119-hr-9028 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/9028)

## Related
- [119-hr-3151: SHIPS for America Act of 2025](https://policyrisk.com/legislation/119-hr-3151)
- [119-hr-9237: Take Care of America’s Veterans Act](https://policyrisk.com/legislation/119-hr-9237)
- [119-hr-6644: 21st Century ROAD to Housing Act](https://policyrisk.com/legislation/119-hr-6644)
- [119-hr-4393: DIGNIDAD (Dignity) Act of 2025](https://policyrisk.com/legislation/119-hr-4393)
- [119-hr-3633: Digital Asset Market Clarity Act](https://policyrisk.com/legislation/119-hr-3633)
- [119-hr-1229: United States-Israel Defense Partnership Act of 2025](https://policyrisk.com/legislation/119-hr-1229)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-9028 (as of 2026-07-01).