Wes Moore, Governor Aruna Miller, Lt. Governor Samantha J. Biddle, Chair Board Members: Dontae Carroll Maricela Cordova William H. Cox, Jr. Mario J. Gangemi, P.E.
Cynthia D. Penny-Ardinger Jeffrey S. Rosen Samuel D. Snead, MCP MA John F. von Paris
Bruce Gartner, Executive Director
MEMORANDUM
TO:
MDTA Board
FROM: SUBJECT:
Deputy Director Finance Allen W. Garman Investment Policy – Annual Review and Proposed Changes
DATE:
August 28, 2025
PURPOSE OF MEMORANDUM Complete required annual review of the Investment Policy and request MDTA Board approval. The policy was reviewed at the Finance and Administration Committee on August 14 and recommended to move forward for full MDTA Board approval of the proposed changes. SUMMARY Following a recent review by the Investment Committee, immaterial/modest changes to the Investment Policy are currently recommended. The proposed changes remove outdated references and align the language in the Supranational section to the State Treasurer’s Office Investment Policy. Proposed changes include: 1. Delete inactive Federal Agency issuers listed in Section V - Deletions of agencies no longer active in the market. 2. Delete Banker’s Acceptances in Section V - Diminished issuance/market activity since the peak in the 1980s. 3. Delete reference to the Operating Reserve in Section VI (Maturity Restrictions) - This account was consolidated with the General Account in 2020 for operational efficiencies. The account no longer exists, though total reserves were unchanged at the time of consolidation and have since grown. 4. Amend Section V, Allowable Investments, Supranationals to language similar to the State Treasurer’s Office Investment Policy. Current
Supranationals – Rated in the highest category by at least one (1) NRSRO and denominated in U.S. dollars, currently limited to: • World Bank -International Bank for Reconstruction and Development (IBRD) • International Finance Corporation (IFC)
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