A look at the National Defense Authorization Act -- which could be voted upon by the House of Representatives this week -- led Bloomberg Intelligence's July 20 Washington Policy Pulse -- with a highlight of a Senate provision that would prohibit firms that contract with the Department of Defense from conducting stock buybacks or pay dividends. We think that the language, as written, could -- subject to liberal interpretation -- could apply to more firms than just defense contractors.

We also previewed what the US Trade Representative may do later this week as the deadline for President Donald Trump's Section 122 tariffs comes on July 24. We expect tariffs will be shifted to Section 301 tariffs, and could represent an increase for firms like Nike, Adidas, Lululemon and peers.

Finally, we discussed the House budget reconciliation efforts -- which aims to provide up to $60 billion in funds for the conflict with Iran -- and how that effort may struggle to become law.

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