Senate panel forwards Sheila Shrivastava nomination to state Money Management Council

The Utah Senate Business and Labor Confirmation Committee on May 19 voted unanimously to forward the nomination of Sheila Shrivastava, Salt Lake County Treasurer, to the State Money Management Council for consideration by the full Senate.

The nomination matters because the Money Management Council helps oversee the state’s pooled investments and policies that affect how public funds are invested under the Utah Money Management Act. Committee members asked Shrivastava about the council’s role in balancing security, liquidity and return for taxpayer funds.

Shrivastava, who said she was elected Salt Lake County Treasurer in November, described a professional background as a certified public accountant with more than three decades of accounting and consulting experience, including municipal and nonprofit work. "If I myself am not feeling safe about investing in Bitcoin, I can't possibly put the public money in a Bitcoin investment," she said, describing her current position on cryptocurrency.

Committee members pressed on risk tolerances, asking whether she would take a conservative or more aggressive approach when investing state dollars. Shrivastava said she favors a conservative approach for public funds and emphasized portfolio diversity and ensuring short-term cash needs are covered before taking additional risk. She referenced the Utah Money Management Act as setting limits on permissible investments.

There was no public testimony on the appointment during the committee’s public comment period. Senator Bridal moved to forward the nomination to the full Senate with a favorable recommendation; the motion passed unanimously.

The committee also noted there were three nominations on the agenda that day; this article covers the discussion and committee action specific to Shrivastava’s nomination. The Senate will consider the nomination in a subsequent floor action.