United States-Israel Framework for Upgraded Technologies, Unified Research, and Enhanced Security (FUTURES) Act of 2026

S. 3855, titled the "United States-Israel Framework for Upgraded Technologies, Unified Research, and Enhanced Security (FUTURES) Act of 2026," was introduced in the Senate on February 12, 2026, by Senator Budd (R-NC) and cosponsored by Senator Gillibrand. It was subsequently referred to the Committee on Foreign Relations on the same day. This bill is currently in the early stages of the legislative process, having only been introduced and referred to committee. The bill's primary objective is to establish a "United States-Israel Defense Technology Cooperation Initiative" to expand and accelerate bilateral defense technology research and development. While the bill outlines a framework for enhanced cooperation in areas such as missile defense, directed energy, counter drone, anti-tunneling, counterterrorism, and emerging technologies, it does not specify any direct funding amounts or appropriations. The bill is an authorization bill, meaning it sets policy and spending ceilings but does not allocate actual money. Any future funding for this initiative would require a separate appropriations bill. Structural beneficiaries, should this bill advance and receive appropriations, would primarily be defense contractors and technology companies involved in the specified defense technology areas. Companies with existing partnerships or capabilities in missile defense, directed energy, counter-drone systems, and cybersecurity could see increased opportunities for joint research and development projects. However, without specific funding allocations or program details, it is premature to identify specific tickers. The bill emphasizes leveraging unique capabilities from both countries and integrating jointly developed and Israeli-origin defense technologies into U.S. military systems. Given its early stage, the bill's legislative path involves committee consideration, potential amendments, and votes in both the Senate and the House. A related bill, HR7540, has also been introduced in the House, indicating bipartisan and bicameral interest in this policy area. The presence of a companion bill generally increases the probability of legislative progress, though passage is not guaranteed.