Maryland Enacts Stricter Ethics Law for Governors Following Past Controversies
ANNAPOLIS, MD—Maryland Governor Wes Moore has signed a new ethics law aimed at increasing accountability for state governors regarding their investments and business interests. The law mandates that all governors, starting with Moore, must divest from personal business holdings, place assets into a blind trust, or enter an agreement preventing them from influencing decisions related to their businesses.
This initiative, driven by Delegate Marc Korman and backed by bipartisan support in the General Assembly, responds to ethical concerns raised during the tenure of former Republican Governor Larry Hogan, who faced scrutiny over potential conflicts of interest due to his real estate company. Critics frequently questioned Hogan’s investment decisions, which culminated in worries about his involvement with transportation projects benefiting his business interests.
Moore, a Democrat, chose to place his business portfolio—valued at approximately $2.54 million—into a blind trust upon taking office, reflecting a proactive approach to transparency. In a subtle critique of Hogan, Moore emphasized the change in ethical standards, stating, “Gone are the days when a Maryland governor can make millions of dollars in office.”
The law, effective October 1, 2023, stipulates that governors must isolate financial interests from their official duties, mitigating risks of unethical actions. It allows limited exceptions for maintaining ownership of certain interests, contingent upon the signing of a non-participation agreement.
Korman noted that evolving complexities of wealth management necessitate updated ethics laws, ensuring that public servants cannot profit at the public’s expense. The legislation aims to restore public trust and confidence in governance, particularly in light of recent controversies that have come to define Maryland’s political landscape.
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