PHILLIPS INTRODUCES HONEST ENTERPRISE ACT TO REWARD ETHICS, SUSTAINABILITY, AND TRUST IN BUSINESS
Washington, July 24, 2023
Tags: Jobs and Small Business
Washington, D.C. – Last week, Rep. Dean Phillips (MN-03) introduced the HONEST Enterprise 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. Informed by Phillips’s 25-year career in the private sector, the idea was first hatched at the New Democrat Coalition’s inaugural economic policy pitch day in 2019, where it received first prize.
“We should be providing recognition and incentives to successful enterprises to share more with the communities and people who make it possible,” said Rep. Phillips. “The HONEST Enterprise Act paves a path to inclusive capitalism and a more just economy.”
Policymakers, business leaders, and community advocates nationwide are recognizing the need to create a more equitable and sustainable economy, in the face of rising income inequality, global climate change, and ongoing social injustice, where all can prosper. The HONEST Enterprise Act would create a new “Compassionate Capitalist Award” at the Department of Commerce to honor companies of all sizes that meet benchmarks in pay equity, diversity and inclusion, environmental consciousness, and community reinvestment.
A champion of equitable economic growth since being elected to Congress in 2018, Phillips is the co-founder of the Congressional Stakeholder Capitalism Caucus – a coalition of Members who are reimagining the role of American corporations to foster inclusion, generate longer-lasting growth, and benefit stakeholders more widely and equitably. As sustainable business practices become increasingly scrutinized, it is more important than ever to lift the leaders who are working to foster a smarter, gentler capitalism.