South Carolina lawmakers are attempting to remove state Treasurer Curtis Loftis from office for the first time in over two centuries following a $1.8 billion accounting error. The Republican-dominated Senate has decided to hold a hearing on April 21 to present their case, with Loftis having three hours to respond. The House will then conduct its own hearing.
A 58-page report revealed that South Carolina’s financial books have been inaccurate for 10 years due to errors in balancing accounts and shifting funds. Senators argue that Loftis’ incompetence in overseeing the treasury poses a threat to the state’s fiscal integrity. Loftis, however, claims the attempt to remove him is politically motivated.
The accounting error was discovered after a change in computer systems in the 2010s, leading to a fund being created to cover the discrepancy. Loftis has been accused of ignoring mistakes made by his office and impeding independent investigations into the issue.
While the Senate approved the “removal on address” hearing, the resolution’s future in the House is uncertain as no Republicans have strongly advocated for Loftis’ removal. Governor Henry McMaster has also indicated that removing Loftis may be too extreme.
The controversy has raised concerns about the state’s financial reputation and taxpayers’ costs. Loftis has defended himself by highlighting his electoral victories and accusing the Senate of undermining the voters’ right to elect their treasurer. As the process unfolds, it remains to be seen if Loftis will become the first statewide elected official in South Carolina to be removed from office.
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