Task force hires independent study with University of Chicago; preliminary report due Sept. 30

The Asset and Investment Review Task Force voted to proceed with a contracted independent investment study to evaluate whether directing a portion of public reserves to local banks could add value to Utah's economy. The chair announced the engagement of third-party partners working in collaboration with the University of Chicago; presenters said the independent team will observe task-force meetings and take a larger role in future discussions.

Task force members emphasized timelines. A staff presenter told the group the study team will deliver a preliminary report by Sept. 30 and a final report by Oct. 30. One member warned the task force must align its meetings with those deliverables so the group can review findings before legislative briefings: "They're providing an interim report by September 30 and final report by October 30," the survey lead said. The group noted a statutory reporting deadline for the executive appropriations committee of Nov. 30 and discussed offering preliminary findings to a legislative interim committee in October.

Members also asked the study team to focus on a practical question: whether deposits placed in local banks are actually deployed as loans in Utah (a 'net lending' metric) rather than relying solely on a national/regional/local label for banks. The task force agreed to refine metrics and to provide bank lists and context to the consultants as the study proceeds.