According to Matt Crawley, senior policy analyst with the government affairs firm MultiState Associates, Senator Rosapepe is expected to remove the fiduciary duty provisions from SB 786 and its companion HB 1127 due to overwhelming opposition to those provisions. The Maryland legislative session is set to end on Monday, so he expects to see the amendments materialize either later this week or over the weekend as part of the session’s final countdown.
George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.