Directing the President, pursuant to section 5(c) of the War Powers Resolution, to remove the United States Armed Forces from hostilities against the Islamic Republic of Iran.

H.Con.Res.75 is a non-binding concurrent resolution introduced March 4, 2026 by Rep. Gottheimer (D-NJ) with 10 cosponsors, directing the President under section 5(c) of the War Powers Resolution to remove U.S. Armed Forces from hostilities against Iran. The bill states that forces entered hostilities on February 28, 2026, and directs withdrawal within 30 days unless Congress authorizes force. On April 27, 2026, Rep. Self (R-TX) obtained unanimous consent to allow immediate House consideration if called up by chair of Foreign Affairs. This is the critical legislative milestone — it means the leadership can bring this to the floor without committee markup. Funding: This resolution authorizes and appropriates exactly $0. It is a directive under the War Powers Resolution, not an appropriations or authorization bill. There is no spending ceiling, no contract authority, and no program authorization. The market impact is entirely via the SIGNAL it sends about de-escalation — removal of U.S. forces from active combat reduces the consumption rate of munitions, platforms, and support systems, thereby deferring $1-5B in estimated defense replenishment revenue that would have been recognized in FY2026-FY2027. The money trail is indirect but real: Active hostilities burn through precision munitions (JASSM, Hellfire, AMRAAM, Patriot interceptors) at rates 2-5x peacetime training. Each intercept of an Iranian missile or drone consumes a $1-4M interceptor. Each strike sortie consumes $500K-2M in munitions. The emergency replenishment cycle — via supplemental appropriations and urgent operational need (UON) contracts — delivers high-margin revenue to primes within 6-12 months. A ceasefire or withdrawal halts that cycle, shifting procurement back to normal peacetime programming schedules where production rates are lower and margins are thinner. Defense primes are the structural losers: LMT at $510.35 (-15.56% 30d), NOC at $575.29 (-15.68% 30d), and RTX at $174.84 (-9.36% 30d) have already re-priced substantially. GD ($340.55, -0.78% 30d) is an outlier — its smaller exposure to consumable munitions and larger exposure to shipbuilding (fixed long-cycle programs) explains the relative resilience. Energy majors XOM and CVX face the opposite dynamic: removal of the Iran risk premium would reduce crude prices by $3-5/bbl, compressing upstream margins. The April 20 DPA Presidential Memorandum on domestic petroleum production partially offsets this by supporting infrastructure investment, but does not prevent near-term downside from premium removal. Legislative path: The unanimous consent agreement on April 27 cleared the way for floor consideration at the discretion of the Foreign Affairs chair (likely Rep. Mast, R-FL). However, this is a non-binding concurrent resolution — even if passed by both chambers, the President is not legally required to comply. Market impact depends on the narrative of political momentum: passage would signal Congress's intent to de-escalate, pressuring the administration. Failure to pass would signal support for continued operations. The April 27 agreement makes passage in the House more likely. Senate path is uncertain.