The US maintains an all-volunteer force with no active conscription authority since 1973, and recent legislation in the fiscal year 2026 National Defense Authorization Act only automates Selective Service registration starting December 2026 without granting induction powers. Congress would still need separate legislation, signed by the president, to authorize a draft during a national emergency exceeding recruitment capacity. No such measures or emergency conditions have emerged amid current defense policy priorities. Trader consensus at 95 percent reflects these structural barriers and the absence of legislative momentum or major escalations that historically trigger conscription debates. Late developments such as a direct US military commitment in a large-scale conflict could still prompt reconsideration within the 2026 window.