House Armed Services Committee ranking member Rep. Adam Smith will assume the chair of that committee. Smith represents an area of Washington state that is home to some important Boeing operations.
“He worked effectively with the Republicans on the committee while he was in the minority, indicating that he’s probably a bit more pragmatic vis-a-vis defense funding than some of his campaign rhetoric suggests,” said Morningstar.
ITA, the largest aerospace and defense ETF, is up 6.72% this year.
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