SC Senate votes to remove state treasurer

FILE – South Carolina Treasurer Curtis Loftis asks a question of his staff during a Statehouse hearing on Jan. 29, 2025, in Columbia, S.C. (AP Photo/Jeffrey Collins)

Columbia, S.C. (WOLO)— In a removal hearing that lasted well into the night the South Carolina Senate voted 33-8 to remove State Treasurer Curtis Loftis from office.

They needed a two-thirds vote.

The decision comes after questions were raised concerning a $1.8 Billion accounting error.

A forensic audit by an outside firm ultimately determined there was no money misplaced or stolen.

However, during Monday’s hearing, lawmakers questioned how long Loftis was aware of the compounding error and why it was not brought before the legislature sooner.

Loftis has served in the roll of state treasurer since 2010.

He released the following statement after the hearing:

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.

The measure now moves to the South Carolina House, where another two-thirds vote is needed to remove Loftis from office.