Economy and Fiscal Responsibility

Learn more >> Click here to learn more about the hundreds of bills, amendments, and resolutions Rep. Phillips is supporting in CongressA partnership between the Library of Congress, the U.S. House of Representatives, and the U.S. Sentate, congress.gov is an online database offering timely and accurate updates about federal legislation. Filter by policy area, status, or date to track the issues that are important to you

More on Economy and Fiscal Responsibility

November 5, 2021 Press Release

WASHINGTON, D.C. – Today, Rep. Dean Phillips (D-MN) voted to pass a bipartisan infrastructure deal, an historic investment in the nation’s roads, bridges and overall economy.  

August 23, 2021 Press Release

WASHINGTON, D.C. - Rep. Dean Phillips (MN-03) released the following statement today: 

July 21, 2021 Press Release

Washington, D.C.— Today, Rep. Dean Phillips (D-MN), Chairman of the Subcommittee on Oversight, Investigations, and Regulations, held a hearing examining the role of the Small Business Administration (SBA) and small firms in fighting climate change. In 2021, historic floods, record temperatures, and blazing wildfires have wreaked havoc on communities, posing a significant threat to small businesses nationwide.

June 24, 2021 Press Release

WASHINGTON, D.C. – Today, Rep. Dean Phillips (MN-03) introduced the HONEST Enterprises Act, legislation that would incentivize responsible corporate governance and reward businesses that go above and beyond to care for their employees and make a difference in their communities.

June 11, 2021 Press Release

WASHINGTON, D.C. – On Friday, June 11th, Reps. Dean Phillips (D-MN) and Chrissy Houlahan (D-PA) joined non-profit and business leaders to discuss the path toward a more equitable, sustainable and prosperous economy and to launch a new Congressional Stakeholder Capitalism Caucus dedicated to that cause.

June 11, 2021 Event

Rep. Dean Phillips (MN-03), U.S. Representative Chrissy Houlahan (PA-06), and leaders from the nonprofit and private sectors will host a virtual conversation about the historic opportunity to build a more equitable, sustainable economy in the aftermath of the COVID-19 pandemic. They will launch the Congressional Stakeholder Capitalism Caucus, aimed at bringing Members of Congress and private sector leaders who are reimagining capitalism and the role of American corporations together to foster inclusion, generate longer-lasting growth, and benefit stakeholders more widely and equitably.

April 16, 2021 Press Release

WASHINGTON, D.C. – This week, Rep. Dean Phillips (MN-03) engaged in a whole-of-government strategy to call out systemic underinvestment and tax fairness in Minnesota, from advocacy at the White House to the House Transportation & Infrastructure. On balance, Minnesotans currently pays out more than $1.8 billion each year to federal coffers without seeing that money invested locally. Meanwhile states like Kentucky receive $63 billion more from D.C. than they share in federal taxes.

April 16, 2021 Press Release

Washington, DC – Today, Reps. Dean Phillips (MN-03) and Adam Kinzinger (IL-16) introduced bipartisan legislation aimed at reducing the federal deficit by $3.25 trillion over a 10-year period. The National Committee on Fiscal Responsibility and Reform Act of 2021 would establish a joint committee in Congress, evenly split between Republicans and Democrats and task the group with issuing a report on how to achieve the much needed fiscal health of our federal deficit.

February 24, 2021 Press Release

WASHINGTON, DC – Today, House Small Business Oversight Subcommittee Chairman Dean Phillips (MN-03) convened a hearing titled “Perspectives from Main Street: Raising the Wage.” The hearing comes as the House prepares to vote on President Biden’s American Rescue Package, a COVID-19 stimulus bill which includes a proposal to raise the federal minimum wage to $15, as early as Friday.

February 11, 2021 Press Release

WASHINGTON, D.C — During a late night stimulus markup yesterday, Rep. Dean Phillips (MN-03) announced that he will lead a Small Business Committee hearing on the impact a federal $15 minimum wage would have on American small businesses and jobs. The upcoming minimum wage hearing will be the Congressman’s first as chair of the Subcommittee on Oversight, Investigations and Regulations.

February 5, 2021 Press Release

WASHINGTON, D.C. — Today, House Small Business Committee Members Angie Craig and Dean Phillips were joined by Rep. Betty McCollum, and U.S. Senators Amy Klobuchar and Tina Smith in urging Congressional leaders to include direct financial support to restaurants in the upcoming COVID-19 relief package or as a standalone bill. In a letter addressed to Congressional leaders in both parties, the lawmakers called for a targeted grant relief program, as outlined in the RESTAURANTS Act, to be made a top priority in future negotiations.  

February 4, 2021 Press Release

WASHINGTON, D.C. – Today, Rep. Dean Phillips (D-MN) announced he will lead the House Small Business Subcommittee on Oversight, Investigations and Regulations as Chair for the 117th Congress.

January 21, 2021 Press Release

WASHINGTON, D.C. — Today, U.S. Representatives Dean Phillips, Jason Crow, Jimmy Panetta, and Lauren Underwood announced the introduction of the Health Force, Resilience Force, and Jobs to Fight COVID-19 Act, legislation that would invest billions in the nation’s public health jobs and infrastructure and aid the country’s lagging vaccine distribution campaign.

December 21, 2020 Press Release

Washington, D.C. – Today, Rep. Dean Phillips (D-MN) praised the passage of a bipartisan emergency relief package to help American families and small businesses struggling during the most devastating public health emergency in modern American history. 

December 3, 2020 Press Release

WASHINGTON, DC — Today, Thursday, December 3, 2020, Dean Phillips (D-MN) and other members of the Problem Solvers Caucus stood together to fight for their common-sense bipartisan, bicameral COVID-19 emergency relief package. It is being supported by a rapidly growing group of Senators on both sides of the aisle, the U.S. Chamber of Commerce, and others to help American families, small businesses, workers, and health care providers during this crisis.

December 1, 2020 Press Release

Washington, D.C. – Today, House Problem Solvers Caucus members Dean Phillips (D-MN) and Dusty Johnson (R-SD) joined a bipartisan group of Senators in announcing a four-month, bicameral COVID-19 emergency relief framework that will help American students, families, small businesses, workers, and health care providers during this crisis. The Problem Solvers Caucus, 25 Democrats and 25 Republicans, helped develop the bicameral package. 

September 15, 2020 Press Release

WASHINGTON - Today, the bipartisan Problem Solvers Caucus – 25 Democrats and 25 Republicans – unveiled its “March To Common Ground” framework to help break the gridlock on the latest COVID-19 relief package and encourage negotiators to get back to the table. 

August 13, 2020 Press Release

WASHINGTON, D.C. – U.S. Senators Amy Klobuchar and Tina Smith, and Representatives Jim Hagedorn (MN-01), Angie Craig (MN-02), Dean Phillips (MN-03), Betty McCollum (MN-04), Ilhan Omar (MN-05), Tom Emmer (MN-06), Collin Peterson (MN-07), and Pete Stauber (MN-08) sent a letter to the Internal Revenue Service (IRS) expressing concern about continued delays in the processing of paper tax returns and requesting further information on what the agency plans to do to address this issue.

August 5, 2020 Press Release

WASHINGTON, D.C. — This week, Rep. Dean Phillips (D-MN) introduced a bipartisan bill in the House of Representatives to provide tax relief to startups that are ineligible for other types of business aid passed by Congress in response to the COVID-19 pandemic. Phillips’s IGNITE American Innovation Act will allow small and mid-size businesses that weren’t able to utilize the CARES Act tax provisions to monetize up to $25 million accumulated tax assets.

July 9, 2020 Press Release

WASHINGTON, D.C.  Rep. Dean Phillips (D-MN) announced during a hearing of the House Financial Services Committee today that he will strengthen his bill, The New Business Preservation Act (H.R. 6403), by including aggressive changes to benefit women and minority entrepreneurs.

June 16, 2020 Press Release

WASHINGTON, D.C. – On June 5, President Trump signed the Paycheck Protection Program Flexibility Act (H.R. 7010), authored by Reps. Dean Phillips (D-MN) and Chip Roy (R-TX), into law.

June 9, 2020 Press Release

Washington, D.C. — Today, U.S. Chamber of Commerce honored Rep. Dean Phillips (MN-03) with a 2020 Jefferson – Hamilton Award for Bipartisanship. The newly-unveiled award recognizes members of Congress who demonstrate the bipartisan leadership and constructive governing necessary to move our country forward. With a score of 98%, Rep.

May 28, 2020 Press Release

WASHINGTON, D.C. — Today, the House of Representatives passed the Paycheck Protection Program Flexibility Act, authored by Rep. Dean Phillips (D-MN), in a strong bipartisan vote of 417-1. Phillips and co-author Rep. Chip Roy (R-TX) praised the passage of his bill, which will provide critical reforms to the Paycheck Protection Program (PPP), a critical source of aid for small businesses during the coronavirus epidemic.

May 27, 2020 Press Release

WASHINGTON, D.C. —Reps. Dean Phillips (D-MN) and Chip Roy (R-TX) have released a diverse list of national and regional organizations supporting the passage of the Paycheck Protection Flexibility Act (PPFA). This bill will solve problems with the Paycheck Protection Program (PPP), a critical source of aid for small businesses during the coronavirus epidemic that has come under fire from critics in both parties.

Rep Dean Phillips:

May 27, 2020 Press Release

Dean Phillips has introduced two important reforms impacting the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) programs, the emergency sources of funding for small businesses struggling in the wake of the coronavirus epidemic. This legislation will make billions of dollars more accessible to small businesses without close relationships with big banks and to the small businesses that comprise the industries most impacted by the economic downturn, especially restaurants, music venues and other members of the hospitality industry.

May 26, 2020 Press Release

WASHINGTON, D.C. - Today, May 26, 2020, the Problem Solvers Caucus formally endorsed the bipartisan Paycheck Protection Program Flexibility Actlegislation that will revamp some of the rules within the current Paycheck Protection Program, making it more accessible and equitable for small businesses looking to weather the current economic storm.

May 26, 2020 Press Release

Washington, D.C. – Today, the New Democrat Coalition (NDC), led by NDC Chair Derek Kilmer (WA-06), endorsed the bipartisan Paycheck Protection Program Flexibility Act co-introduced by New Dem Rep. Dean Phillips (MN-03).

May 24, 2020 Press Release

WASHINGTON, D.C. — Votes are set for Wednesday, May 27 on two important reforms to the Paycheck Protection Program from Rep. Dean Phillips (MN-03) designed to save struggling small businesses and ensure necessary transparency for American taxpayers. The Payroll Protection Program Flexibility Act and the Transparency and Reporting for the Underbanked and Taxpayers at Home (TRUTH) Act solve problems with the Paycheck Protection Program (PPP) an Economic Injury Disaster Loans (EIDL) facing millions of small business owners across the country.

May 15, 2020 Press Release

WASHINGTON, D.C. - Rep. Dean Phillips (MN-03) released the following statement today:

May 11, 2020 Press Release

WASHINGTON, D.C. — Today, Rep. Dean Phillips (D-MN) and Rep. Chip Roy (R-TX) announced the introduction of the bipartisan Paycheck Protection Flexibility Act, which will make urgently needed changes to the Paycheck Protection Program (PPP), a vital initiative for small businesses struggling in the wake of the coronavirus epidemic.

Rep. Dean Phillips:

May 8, 2020 Press Release

WASHINGTON, D.C. — Today, Rep. Dean Phillips introduced the Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home (TRUTH) Act. The TRUTH Act would direct the Small Business Administration (SBA) to explain and justify all disbursements of coronavirus relief funds, ensuring transparency and accountability from this critical agency. Original co-sponsors include Reps.

April 21, 2020 Press Release

WASHINGTON, DC – In a letter to the U.S. Department of Treasury and Small Business Administration (SBA) today, Rep. Dean Phillips (MN-03) urged the agencies to make changes to the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP) so that they will better serve the Minnesota job-creators in most need of relief.

April 21, 2020 Press Release

APRIL 21, 2020 – This morning, Rep. Dean Phillips (D-MN) appeared on Fox Business with Rep. Lloyd Smucker (R-PA) to talk about the Problem Solvers Caucus Reopening and Recovery “Back to Work” Checklist, a data-driven proposal focused on reopening America safely and reigniting the economy.

April 3, 2020 Press Release

WASHINGTON, D.C. — Congressman Dean Phillips is working to strengthen and protect the country’s start-up businesses with a pair of legislative fixes designed to provide relief for new businesses across the country.

March 28, 2020 Press Release

WASHINGTON, D.C. – Just hours after signing a historic $2.2 trillion stimulus package, President Trump announced that he would attempt to reject certain elements the bill, including provisions introduced by Rep. Dean Phillips (MN-03) mandating oversight over the spending, including a five-person Congressional Oversight Commission for the $500 billion Treasury Department fund.

March 27, 2020 Press Release

Washington, D.C. – Today, Congressman Dean Phillips applauded House passage of the $2.2 trillion CARES Act, which was subsequently signed into law by the President hours later. Phillips flew to Washington to ensure his presence in the event of a recorded vote, but the bill was ultimately voice voted for quick passage. The Senate passed the bill late Wednesday on a 96-0 recorded vote.

March 23, 2020 Press Release

WASHINGTON – Today, Rep. Dean Phillips introduce the COVID-19 C.O.P. Act to create a Congressional panel to provide oversight over the massive spending of taxpayer money in response to the COVID-19 pandemic and related economic fallout. The five-member panel would review data around spending, conduct hearings, and provide regular reports to Congress. 

The bill would also authorize the Special Inspector General for the Troubled Asset Relief Program to coordinate audits and investigations in connection with the receipt of Federal aid related to the COVID-19 emergency response.

January 27, 2020 Press Release

WASHINGTON, D.C. - Congressman Dean Phillips sent a letter today to the heads of the Centers for Disease Control and Prevention (CDC) and the Federal Aviation Administration (FAA) requesting information about contingency plans for air travel restrictions related to the recent coronavirus outbreak in Wuhan, China.

January 16, 2020 Press Release

WASHINGTON, DC—This week, the House of Representatives passed the bipartisan Prudential Regulator Oversight Act (H.R. 4841), authored by Rep. Dean Phillips (MN-03). The legislation requires federal prudential banking regulators to provide annual testimony to the House Financial Services Committee, along with semiannual reports on their supervisory and regulatory activities. Reps. Barry Loudermilk (R-GA), Anthony Gonzalez (R-OH), and Joyce Beatty (D-OH) are original co-sponsors.

December 17, 2019 Press Release

WASHINGTON, DC – Rep. Dean Phillips (MN-03) announced today that he successfully pushed for a permanent repeal of the medical device tax to be included in Congress’s end-of-year funding deal, which passed the House today. Minnesota is the birthplace and epicenter of the medical device industry, which leaves Minnesota medical device companies paying 25% of the total national medical device tax burden.

December 12, 2019 Press Release

WASHINGTON, DC – Late yesterday, the House Ways and Means Committee took action to repeal a 2017 cap on state and local tax (SALT) deductions after hearing from Rep. Dean Phillips about the cap’s harmful impact on Minnesota’s Third Congressional District. The committee passed the Restoring Tax Fairness for States and Localities Act in a bipartisan 24-17 vote.

December 10, 2019 Press Release

WASHINGTON, DC – At a press conference today, Rep. Dean Phillips (MN-03) stood with House leaders to announce a strong and enforceable USMCA trade deal that will improve the American economy, safeguard workers’ rights, protect the environment, and improve access to affordable prescription drugs.

November 5, 2019 Press Release

WASHINGTON, DC – Last week, the House Financial Services Committee unanimously passed The Prudential Regulator Oversight Act (H.R. 4841), authored by Rep. Dean Phillips (MN-03), in a 55-0 vote. The bipartisan legislation requires federal prudential banking regulators to provide annual testimony to the House Financial Services Committee, along with semiannual reports on their supervisory and regulatory activities.

April 10, 2019 Press Release

WASHINGTON, DC – Today, Rep. Dean Phillips (MN-03) announced that he is an original co-sponsor of the bipartisan Protect Medical Innovation Act, which was introduced in the House today. The bill would permanently repeal the medical device tax. Minnesota’s Third District has more medical technology companies than any other Congressional District in Minnesota.

 

April 9, 2019 Press Release

WASHINGTON, DC – Today, Rep. Dean Phillips (MN-03) voiced his opposition to a Democratic bill to raise current limits on discretionary spending. The bill, H.R. 2021, does not include spending cuts or revenue increases to offset the cost of raising the spending caps. Rep. Phillips voted “no” on a procedural vote today that would advance the bill to the House Floor for consideration.

After the vote, Speaker Pelosi announced that she would abandon plans to bring the bill to the Floor, due to opposition from members of the Democratic caucus.

January 17, 2019 Press Release

WASHINGTON, DC – Rep. Dean Phillips (MN-03) today announced his appointments to the House Financial Services and House Foreign Affairs Committees for the 116th Congress.