COLUMBIA, S.C. — South Carolina Treasurer Curtis Loftis, a member of the Republican party, seems poised to continue his tenure in office at least through the current year. The Republican-controlled House has opted not to address a Senate resolution aiming to oust Loftis over a mysterious $1.8 billion account that surfaced in the state’s fiscal records, which contained virtually no real funds. This anomaly went unreported to lawmakers for numerous years.
On April 21, the Senate passed the resolution to remove Loftis and forwarded it to the House. However, House Speaker Murrell Smith indicated that there isn’t sufficient time to deliberate on it before the session concludes on May 8. “Our focus is currently on passing legislation, and we will decide on the treasurer’s situation post-session,” Smith expressed to South Carolina Public Radio.
Consequently, this decision potentially enables Loftis to pursue a fifth consecutive four-year term in 2026. One of Loftis’s key arguments for retaining his position was the notion that overturning an election result is unjust. In response to the House’s decision, Loftis stated, “I’m thankful for the House leadership’s decision to prioritize the people’s business over political theatrics. I’m confident that South Carolinians appreciate being the primary focus, rather than political games. I am now eager to concentrate on serving the public.”
The Senate, following intense deliberations, voted 33-8 in favor of Loftis’s removal, with 23 Republicans backing the motion. This vote marked the culmination of a detailed investigation spanning more than two years. The inquiry began after state accountants inadvertently overstated funds allocated to colleges and universities by $3.5 billion, revealing an accounting error from a decade ago during a transition between accounting systems. The inaccuracy persisted as entries couldn’t be balanced, leading to transfers into a special account that eventually totaled $1.8 billion. Forensic accountants, whose services cost several million dollars, eventually determined that nearly all the funds were fictitious, merely reflecting accumulated mistakes.
Loftis has consistently described the Senate’s inquiry as a baseless pursuit. He maintained that no funds were lost and that the errors did not originate from his office, a claim contested by others. Loftis warned that dwelling on these mistakes could jeopardize the state’s robust credit standing. Although eight Republican senators opposed the resolution, this did not equate to endorsement of Loftis. Senate Majority Leader Shane Massey remarked that the opposition was more about insufficient grounds presented to justify Loftis’s removal. “I’d endorse almost anyone over Curtis Loftis. I believe he’s unfit to be treasurer, and I hope the Republican party will nominate a strong contender against him,” Massey commented.
This marks only the first year of a two-year session, so the resolution to unseat Loftis, presently in a House committee, will remain active when the legislature reconvenes in Columbia in 2026. Meanwhile, candidate filing for the office starts the following March, with the Republican primary for the treasurer, governor, and other statewide offices slated for June.