SC senators vote not to bump treasurer from panel

COLUMBIA, S.C. (AP) — South Carolina Treasurer Curtis Loftis will continue to sit on a commission that oversees the $26 billion investment fund for public workers’ pensions after senators voted against removing him.

The Senate voted 34-10 on Wednesday to kill a proposal requiring the state treasurer to appoint someone in his stead. It was a proposed amendment to a government restructuring bill.

The treasurer is the only elected official on the panel, and the only one not required to have a background in finance.

Sen. Greg Ryberg argues Loftis has turned the retirement fund into political theater, and lacks the expertise to make decisions on complex investments.

Others argue they want an elected official on the commission to serve as a watchdog.

Loftis declined to talk to reporters after the vote.