The David Eccles School of Business today announced the establishment of the endowed Richard T. Pratt Professorship of Finance. The new Professorship was celebrated with an event at the school where University of Utah President David Pershing shared his views on the importance of endowed professorships in helping the university attract and retain extraordinary faculty.
Pratt was a professor of finance, active in teaching, publishing and consulting during his 30-year tenure. While on the faculty, Pratt consulted with the State Department, providing analysis and advice to various countries throughout the world. He has served since 1986 as a member, and later as an emeritus member, of the National Advisory Council of the University of Utah. He is presently an emeritus professor of finance.
During the financial crisis in the early 1980s, Pratt’s leadership and creative thinking at the helm of the Federal Home Loan Bank Board (FHLBB) resulted in banks and thrifts for the first time being allowed to have branches in more than one state. Working with Wall Street, Pratt was a major innovator in the creation of mortgage-backed securities as the Federal Savings and Loan Insurance Corporation sold thousands of mortgages obtained from failed thrifts. Pratt worked successfully with Senator Jake Garn and Congress for passage of legislation that allowed savings and loans institutions to diversify their assets to be less concentrated in long-term, fixed-rate mortgages. By the time Pratt left the FHLBB, he had significantly and permanently changed America’s financial landscape for the better.
Pratt has served on the boards of directors of many nationally traded corporations in the financial institutions industry. He presently chairs the board of the audit committee for the Celtic Bank of Salt Lake City. With partners from Utah and California, he has been active in real estate investment projects in Southern Utah.
Pratt, a native of Salt Lake City, holds a B.S. in finance (1960) and an M.B.A. (1961) from the University of Utah and a D.B.A. from Indiana University (1966).
“Dick was a leader in the school for years, bringing unparalleled insight and vision,” said Taylor Randall, dean of the David Eccles School of Business. “We are honored to have this new endowed professorship named for him.”
“Reflecting back over the years, not only has Dick been one of the most significant figures in U.S. financial history, he has also been a key figure in my life,” said Brent Beesley. “The lessons learned while working with him and the experience I gained during that period have led me to many life-changing opportunities.”
The Richard T. Pratt Professorship of Finance at the David Eccles School of Business was endowed by the Brent and Bonnie Jean Beesley Foundation.