Defense contractors would be barred from buying back their stock in bill approved by Senate panel

The Senate Armed Services Committee approved a must-pass bill with a provision that could bar some defense contractors from making stock buybacks or paying dividends unless they have the Defense Department's approval. The measure, an annual bill known as the National Defense Authorization Act, was approved 18-9 in a closed-door committee meeting last week. The stock buyback provision's inclusion in the committee's bill greatly increases its chances of becoming law and sets up a potential sea change in how the Pentagon interacts with some of the country's largest businesses. Business groups representing publicly traded defense contractors expressed alarm over the provision. The Senate Armed Services Committee approved a must-pass bill with a provision that could bar some defense contractors from executing stock buybacks or paying dividends unless they have Defense Department approval....