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Committee backs task force to study $35 billion in public reserves
Summary
Senate Bill 323, creating an Asset and Investment Review Task Force to study public reserves and recommend options for deploying funds locally, passed the committee 11–1 after testimony from the state treasurer and banking representatives.
Senate Bill 323, a short‑term Asset and Investment Review Task Force, passed the House Transportation Committee on a recorded vote of 11–1 after proponents described a rapid growth in public reserves and urged a study of how those funds are managed and whether more could be directed into local investment.
Senator Stratton, the bill sponsor, said Utah's public entities have accumulated substantial reserves in recent years and proposed a limited, one‑year task force to examine questions about reserve purpose, size and management. "From 19 to 35,000,000,000 in the Public Treasurer's Investment Fund since 2020 — that's a substantial increase," Treasurer Marlo Oakes told the committee, describing the Public Treasurer's Investment Fund (PTF) and saying the study would examine the economic impact of deploying reserves into local banks, credit unions and other vehicles.
Supporters emphasized the task force would be short‑lived and would solicit input from municipalities, counties and special districts. Howard Headley, president of the Utah Bankers Association, testified that the fund represents a significant economic force and said the task force should include constituencies beyond the Money Management Council to provide policy recommendations. Representative Thurston raised process concerns about creating a new apparatus when the Money Management Council could potentially do parts of the work, but the sponsor and treasurer said the task force would be funded via a fiscal note to commission an external study and to convene subject matter experts.
Representative Ivory moved to pass SB 323 out favorably; the committee approved the motion by roll call, 11 in favor and 1 opposed (Representative Thurston). The bill includes a fiscal note of roughly $100,000 to fund the study and has a repeal date tied to the completion of the task force's report in November; sponsors said the intent is a focused, time‑limited review to return policy recommendations to the Legislature.
The task force's charge would specifically examine how reserves are held and where deployment into local institutions might produce greater economic benefit for Utah communities.
