WASHINGTON, D.C. – Last week, Rep. Dean Phillips (MN-03) and a coalition of bipartisan Representatives and Senators introduced the Freedom to Invest in Tomorrow’s Workforce Act, a bill that would increase access to high-quality workforce training and credentialling programs. Phillips’s bill would allow individuals to utilize “529” tax-advantaged savings plans to pay for job-training programs. Under current law, students can only use 529 savings accounts to cover the costs of college, vocational school, or other institutions of higher learning. This common-sense reform will allow Americans with varying work experiences and career goals to finance their education and compete in a job market that increasingly rewards specialization and expertise.
“No matter your resources or your professional goals, every American deserves access to a quality education,” said Rep. Phillips. “By making workforce training more affordable and accessible, this bipartisan bill will help make that aspiration a reality. Especially after such a difficult year, this is exactly the kind of policy we need to get our economy back on track. I look forward to working with my House and Senate colleagues to get this important legislation to the President’s desk.”
The Freedom to Invest in Tomorrow’s Workforce Act is sponsored by Reps. Abigail Spanberger (D-VA), Fred Upton (R-MI), Rob Wittman (R-VA) and Sens. Amy Klobuchar (D-MN) and Mike Braun (R-IN).