Day: August 4, 2021


Utah Bankers Association Honors Bank of Utah President and CEO, Douglas L. DeFries, with Distinguished Banker Award

Doug DeFries, President and CEO, Bank of Utah was presented with UBA’s highest honor, the Distinguished Banker Award at the 113th Annual UBA Convention. From time to time, the UBA recognizes an individual who has made an outstanding contribution to their community, their bank and the banking industry. Since the award was introduced, only 25 individuals have been given this honor.


113th Annual UBA Convention

The 113th Annual Utah Bankers Association Convention was held at Sun Valley Resort in beautiful Sun Valley, Idaho, June 27-30, 2021. This was the first live meeting held by the UBA since the pandemic. With close to 400 bankers, guests and business partners in attendance, all were excited to be back together once again. With an impressive lineup of speakers, perfect weather, world-renowned entertainment, great attendance, and the natural beauty of Sun Valley, this year’s convention was one for the books.


Do Federal Deficits Matter?

“Modern Economic Theory” (MET) has drawn increasing interest as the federal government accumulates record deficits and the national debt grows into the trillions of dollars. Traditional economic theory says deficits are bad because they cause inflation and impose unfair burdens on future taxpayers to repay the debts. MET says federal deficits do not matter. They are just accounting. Twenty years of record deficits with no inflation is the first hint MET may be right. If anything, interest rates are too low. MET says the federal government’s primary role is maintaining the optimal balance of supply and demand in the overall economy, not balancing government collections and spending.