Rep. Dean Phillips (D-Minn.) recently disclosed that he has transferred millions of dollars in assets into a blind trust, joining a small list of other members who have done the same this year.
The blind trust agreement, which Phillips filed earlier this month, gives a trustee, RBC Trust Co., the power to make decisions regarding the purchase, sale or reinvestment of the trust's assets, without the knowledge of or involvement in any decisions by Phillips, his spouse, dependent children or his "representatives."
The 42-page document notes that Phillips has transferred between $9 million to $31 million worth of stocks and other assets.
Phillips' disclosure comes nearly a year after an ethics complaint was filed against him, alleging possible violations of the STOCK Act for financial transactions he made during the onset of the pandemic.
According to disclosures filed with Congress, Rep. Tom Malinowski (D-N.J.) is the only other member of the House who has filed a blind trust agreement this year. Prior to his disclosure, Malinowski faced criticism and ethics complaints for failing to report, on multiple occasions, financial transactions within the reporting window required by the STOCK Act. Sens. Jon Ossoff (D-Ga.), Mark Kelly (D-Ariz.) and John Hoeven (R-N.D.) have also each filed blind trust agreements this year.
These disclosures mark a recent increase in the number of members who have filed blind trust agreements. Prior to this year, Rep. Carolyn Maloney's (D-N.Y.) December 2018 disclosure and Sen. Tammy Baldwin's (D-Wis.) May 2013 disclosure marked the most recent trust agreements filed by members, excluding amended agreements.
