President Trump's September 2026 nomination of acting Secretary Hung Cao, a retired Navy captain and former under secretary confirmed in 2025, has advanced to the Senate amid the need for a statutory waiver allowing service less than seven years after retirement. Cao assumed the acting role in April following John Phelan's departure and has focused on shipbuilding and acquisition reforms during ongoing operations. Senate Armed Services Committee scheduling remains pending, with limited floor time before the November midterms constraining the confirmation calendar. Trader assessments weigh White House pressure for swift action against procedural hurdles, prior partisan vote margins on Cao's under secretary nomination, and potential delays from election-year priorities or waiver requirements in both chambers.