thePyramid We A r e S a n p e t e . c o m
An Edition of the
BY KALLEE FEUZ
PR Officer, Zions Bank
SALT LAKE CITY — Americans have been saving more than ever during the pandemic. Despite job losses and widespread economic impacts, the personal savings rate (the percentage of people’s income remaining after taxes and spending) was at 13.7% at the end of 2020. That’s nearly double pre-pandemic savings levels, which hovered in the 6-8% range over the past decade. Locally, Utahns are socking away record amounts, signaling a statewide savings boon. Zions Bank saw deposits across its Utah and Idaho footprint grow by $4.87 billion in 2020, a 30% increase from 2019. It’s typical for the savings rate to spike during a decline in general economic activity. In the current environment, a reduction in spending combined with federal stimulus payments have helped some families save more. However, a vaccine-led economic recovery and resurgence in spending could threaten savings gains made during the pandemic. In honor of America Saves Week, Feb 22-26, Zions Bank offers seven tips for building and maintaining personal savings: Reset old spending habits. As life returns to normal, don’t fall into old spending traps. Instead, reset pre-pandemic habits with new, money-saving routines. Maybe that means bringing your lunch to work a few days a week or skipping the gourmet cup of coffee. Start small. More than one in six Americans — up to 46 million people — have relied on their emergency savings during the pandemic, according to a CNBC/SurveyMonkey poll. Most experts recommend having three-tosix months’ worth of living expenses on hand for emergencies. If this seems overwhelming, start with a more attainable goal of $1,000 in emergency money. Please see SAVINGS, Page A2
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America Saves Week urges saving as spending ramps up
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Wednesday, February 24, 2021 • Vol. 130, No. 8 • Free
2021 UTAH LEGISLATIVE SESSION
Lehi rep touts sandbox bill Proposal would give businesses space to work on innovations BY RYNE WILLIAMS
The Pyramid
Rep. Cory Maloy, R-Lehi, has been talking about a sandbox at Utah’s State Capitol during this session and he is not referring to the type that children usually play in. His bill, H.B. 217, would establish a regulatory sandbox, allowing new or established businesses to take innovations into the hypothetical sandbox. Inside the sandbox, these businesses would face little or no regulations from the state, but would still be subject to regulations for public safety, consumer safety and others not related to the state of Utah. “I just love the concept of this bill,” Maloy said. “Where we live in Lehi, with the Silicon Slopes and these new businesses, and businesses looking to come into the state, the sandbox bill is going to create a new office within the Governor’s Office of Economic Development.” That office would then be in charge of accepting applications for businesses to enter the sandbox while also involving an advisory board of various industry professionals to help decide who can enter the period of limited state regulations. Upon approval, which would require all of the regulatory agencies to sign off, the business would have a year to work on this innovation with limited or no state regulations. All of these checks and balances included in the bill will make sure that businesses are not able to take advantage of the sandbox or just us-
COURTESY OF MATTHEW SANDERS
Rep. Cory Maloy, R-Lehi, hosted a town hall meeting at the Utah State Capitol for constituents on Friday. During the meeting, Maloy spoke about his sandbox bill, which could have an impact on businesses in the state of Utah. ing it to escape regulations. “That could be the keystone to businesses being successful with a new piece of innovation,” Maloy said. “From a legislative point of view, it allows us to start looking at regulations very intelligently because these sandbox companies are going to bring data that will allow us to make sound decisions as it relates to legislation to eliminate regulations. In my mind, that’s what we want to do, eliminate regulations as much as possible.” The biggest thing this bill would do for businesses in the state and Utah County is break down the bar-
riers for entry. Maloy added that this bill is also not just intended for startups, entrepreneurs and small businesses, but it will help them innovate in the state. “Representative Maloy’s 217 Regulatory Sandbox bill is good for business,” Utah Valley Chamber of Commerce President and CEO Curtis Blair said. “It allows our established businesses to continue to innovate, but it especially supports start-ups and entrepreneurs by reducing barriers of entry, and in some cases, eliminating burdensome regulations that make it
tough to bring new innovations to market. Utah Valley cities — Provo and Orem — were just recognized as the best economic performing cities in the nation by the Milken Institute. Business-friendly bills such as this will help Utah Valley and the state of Utah remain at the top of business-friendly states.” There has been nothing but support for the bill in the state’s capital, according to Maloy, who said that everyone involved with the bill has participated with a positive attitude to make it a good bill for the state. Please see SANDBOX, Page A2
Cox drops vaccine eligibility to 65 and over BY RYNE WILLIAMS
The Pyramid
On Thursday during his monthly press conference, Gov. Spencer Cox announced that Utahns 65 and older would immediately be made eligible for the COVID-19 vaccine. The previous target date for those 65 and older, along with those who have specific underlying health conditions, was originally set to be March 1. While Cox’s announcement did drop the eligible age range to 65 and older, the date remains March 1 for those with underlying health conditions. “We have made incredible progress over the last month and especially over the past week when it comes to vaccinating all of Utah’s adults age 70 and over,” Cox said during the press conference. “In fact, as of this morning
ISAAC HALE, SPECIAL TO THE PYRAMID
Community members wait in line to be vaccinated at a mass vaccination center erected inside the former Shopko building in Spanish Fork on Jan. 27. (Thursday), we have vaccinated approximately 62% of those that are 70 and over with their first doses.” As weekly allocations of the COVID-19 vaccine continue to increase for the
state, counties are beginning to reach the end of vaccinating those age 70 and older who want to be vaccinated. While each county is different and some have more doses than others, Cox en-
couraged patience, adding that everyone who wants a vaccine will receive one. “We always want demand to outpace supply,” Cox said. “That is how we make sure that every vaccine is being
used and that we always have vaccines in arms instead of on shelves.” State and local health departments have been keeping Cox in the loop, according to Utah County Health Department PIO Aislynn Tolman-Hill, and many counties are seeing that slowdown in demand. This has been seen in Utah County as well, where vaccination appointments have not been filling up as quickly as they were previously, causing some concern for officials. That is why this quick change will be a good one for Utah County. “This change is very much welcomed,” Tolman-Hill said. “We were really kind of concerned about if that date for 65 and older was to stay at March 1 and what our clinics would continue Please see VACCINES, Page A2
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