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Congress

U.S. Chamber of Commerce Lobbies Against Defense Stock Buyback Proposal

Twenty business groups argue the restriction would be an “unprecedented expansion of the federal government’s role.”

Defense Secretary Pete Hegseth speaks to members of the media.

The amendment to the NDAA would bar certain contractors that get most of their business from the Pentagon from repurchasing their own shares while holding Defense Department contracts without a waiver from Defense Secretary Pete Hegseth. (Manuel Balce Ceneta/AP)

By Joe Gould

June 29, 2026 10:04 a.m.

Updated: June 29, 2026 12:15 p.m.

Twenty business groups, led by the U.S. Chamber of Commerce, are lobbying to block a bipartisan proposal that would restrict stock buybacks by the largest Pentagon contractors.

The effort pits major players in the business community against an idea with buy-in from progressives, populist Republicans and President Donald Trump, who have said they’re frustrated with the pace of weapons production and questioned whether corporate profits are prioritized ahead of military readiness.

The lobbying push comes as the House Rules Committee prepares to consider Monday evening whether the proposal, which is one of 1,300 amendments offered, will get a vote when the House takes up its annual defense policy bill this week.