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Senate amends Fund of Funds bill after heated debate over transparency
Summary
Lawmakers debated amendments to third substitute House Bill 243, which would change board composition and disclosure rules for the Utah Fund of Funds; the Senate adopted an amended version limiting detailed company disclosure to a numeric count of Utah firms and passed the bill 24–0 (five absent).
Senators spent more than an hour debating competing amendments to third substitute House Bill 243, which modifies governance and disclosure rules for the Utah Fund of Funds, a state‑backed vehicle that invests in venture capital to spur local entrepreneurship.
Senator Bramble, speaking for the amendment adopted by the Senate, said the change would require listing the number of Utah companies in which the Fund invests — rather than naming each portfolio company — while keeping…
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