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House approves asset and investment review task force to seek higher returns on state funds
Summary
The House passed Senate Bill 323 to create an asset and investment review task force. Sponsor Representative Val Peterson said the panel will examine state-managed investments to seek higher returns; members argued better investment choices could increase state earnings. The bill passed 67-4.
SALT LAKE CITY — The Utah House on March 5 approved Senate Bill 323 to establish an asset and investment review task force charged with evaluating state investments and seeking higher returns.
Representative Val Peterson, the House sponsor, said the task force would examine the state treasurer’s and other state investments to identify opportunities to increase returns. Peterson cited an example in which money invested in the state’s pool (PTIF) yielded about 2 percent while investing in bonds could deliver higher returns. “What we want to do is make sure that we are maximizing our return on investment,” Peterson told the House.
Peterson argued the change would help keep capital and financial-sector jobs in Utah by making tax and investment conditions competitive. The House voted to pass the bill by a recorded vote of 67 yes and 4 no; leadership said the bill will be sent to the Senate for signature.
Floor remarks framed the task force as a tool for assessing whether the state can improve investment performance for its funds; no detailed investment allocations or mandates were presented on the floor.
