Mark Packard, president and CEO of Central Bank, was favorably recommended by the Senate Business and Labor Confirmation Committee on Oct. 14 for reappointment to the State Money Management Council.

Packard told the committee he is a fifth-generation banker and that Central Bank operates 12 community offices in Utah County. "We run a traditional community banking model," Packard said, adding that bank officers handle both deposit and loan functions and that the bank’s strategic goal is to "remain independent." He said he serves on the Salt Lake City branch board of the Federal Reserve and the American Bankers Association Community Banking Council, and that he has valued his time on the Money Management Council "just to give back and to serve."

The committee's questioning centered on the council’s role and whether it is meeting its statutory responsibilities. Packard described the council’s duties: reviewing new dealers and investment advisers, monitoring publicly held deposited funds at local institutions, and reviewing rules set out in state law that govern the council’s work. "One is for return and the other one is to make sure that it is safe and kept well while getting a return," Packard said when asked how the council balances safety and return on public funds.

Committee members offered brief remarks. Senator Luz Escamilla thanked Packard for his and his family’s longstanding work in banking and asked whether the legislature could support the council’s educational mission; Packard suggested the legislature periodically review statutory rules so they remain current with changing financial markets. Senator McKay asked whether the council is accomplishing its original purpose; Packard responded that he believes the council is meeting its statutory role.

Senator McKay moved to favorably recommend Packard’s renomination; the motion carried on a voice vote called unanimous. The record does not specify individual roll-call counts.

The committee did not receive public testimony for Packard before moving on to other agenda items.