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Koch Brothers, Eccles Family Give $20M To University of Utah

University of Utah

The billionaire conservative Koch brothers and Utah's wealthy Eccles family are giving a combined $20 million to the University of Utah to create an economics and quantitative analysis institute.

The school will be called the Marriner Stoddard Eccles Institute for Economics and Quantitative Analysis. It's named after Utah native Marriner Eccles, a banker and chairman of the Federal Reserve from 1934 to 1948.

The university said in a statement Thursday that the school's research and instruction will include studies of economics, game theory, econometric and quantitative analysis.

The Koch brothers, known for pouring hundreds of millions into backing conservatives and libertarian causes, also gave $25 million to Utah State University earlier this year, on top of more than a million in past donations.