South Carolina Senate votes to remove state treasurer over $1.8B accounting error

In South Carolina, the Senate, dominated by Republicans, voted 33-8 on Monday to remove Treasurer Curtis Loftis over a $1.8 billion accounting error. The House, also GOP-controlled, will now decide whether to proceed with a hearing. If at least two-thirds of its members vote against Loftis, he will be ousted from office.

The Senate’s investigation, spanning over two years, began when state accountants mistakenly inflated money allocated to colleges and universities by $3.5 billion. This error traced back a decade when transitioning accounting systems. Forensic accountants discovered that the $1.8 billion discrepancy was an accumulation of mistakes, not actual cash.

Critics accused Loftis of incompetence and lack of transparency in handling state finances. Loftis defended himself, claiming the errors weren’t made in his office and emphasizing that no money went missing. He likened the Senate’s probe to a witch hunt and stressed the importance of focusing on the state’s financial stability.

Loftis’ lawyers argued against his removal, pointing to his long tenure and commitment to taxpayers. Despite eight Republicans voting against his ousting, the Senate found Loftis guilty of “willful neglect of duty” and passed the matter to the House for further action. The House leaders have not indicated their stance on the issue.

As the state’s accounting issues persist, Loftis pledged to improve his performance moving forward. He urged everyone to prioritize serving the people of South Carolina with integrity and purpose.