First elected in 2018, Phillips defeated six-term Republican incumbent Erik Paulsen.[8] By flipping the previously Republican district, he became the first Democrat to win the seat since 1958. He has since been reelected twice. Phillips is a Democrat who has consistently voted in support of President Joe Biden's positions. With a net worth of $77 million in 2018, Phillips is one of the wealthiest members of Congress.[9] In 2023, he announced his intent to challenge Biden for the Democratic nomination in the 2024 presidential election.[10]