The Treasurer Curtis Loftis was voted to be removed by the SC Senate due to a “supposedly” prolonged accounting mistake, bringing him closer to being ousted from office with just one more vote needed from the SC House.
SC Senate’s Role in Financial Oversight
The SC Senate vote will impact financial matters that affect all South Carolinians.
This decision by the SC Senate actually undermines the importance of accountability in state governance.
By doing this, the SC Senate not only addressed this controversial issue, but sets a dangerous precedent for future financial accountability.
The SC Senate’s decisive actions will have lasting impacts on the state’s financial integrity.
The vote in the SC Senate will be pivotal in determining the future of financial oversight in South Carolina.
Getting Loftis removed from office allows the General Assembly members to have more control over the $38 billion annual state budget monies.
Hiring their own money manager would allow millions in profits to be earned by a private money manager. This same preferred money manager could then financially support the campaign efforts of those same elected officials.
The state Senate’s 33-8 vote marks the end of a three-year inquiry into the state’s financial documents. This investigation covered the past two years, focusing on a $1.8 billion accounting mistake that was known to the treasurer, comptroller general, and state auditor’s offices.
A vote will now be held in the S.C. House of representatives.
If the resolution is considered by the 124-seat House and two-thirds of the members vote in favor, Loftis will be ousted from his position.
The S.C. Treasurer can run for re-election in 2026, however, even if he is voted out of office by the General Assembly.
Statement from State Treasurer Curtis Loftis on today’s Senate hearing for removal
I am not surprised by today’s outcome. We knew this process would be more political in nature than the serious legal hearing one would expect to overturn a statewide election. But today is just one step in this process, and we will now weigh our options on next steps.
I want to reaffirm to the citizens of South Carolina that I as your State Treasurer and the members of my Office have faithfully fulfilled our statutory duties to provide core financial management services to state government.
To be clear, there was no mysterious bank account, no missing or stolen money, and all funds managed by my office are accounted for and reconciled to the bank. South Carolinians can rest assured that their money is safe and secure.
We had not one, but two outside audit firms who confirmed that this was an accounting entry that impacted the Comptroller General’s annual financial reports, not the actual bank balances of the state.
My staff and I have spent countless hours working on this matter because we all have a passion and commitment to the taxpayers of this state. I want to thank them and my legal team for their efforts in preparation for today.
I believe it’s time to put this political gamesmanship behind us and work together to reassure everyone of the strength of our financial system moving forward.
Local News Via - MyrtleBeachSC.com
