South Carolina House punts on vote to remove state treasurer
The South Carolina House of Representatives recently chose not to vote on removing State Treasurer Curtis Loftis after a $1.8 billion accounting error came to light. An self-reliant audit revealed that $1.6 billion of the discrepancy stemmed from incorrect journal entries, with the remaining $200 million already reflected in the recorded bank balances. Following the findings, State Auditor George Kennedy resigned, prompting calls for Loftis to step down as well. Although a state Senate resolution to remove him passed, it did not advance in the House before the end of the legislative session. Speaker Murrell Smith suggested that the decision should be left to voters in the upcoming primary elections. Loftis is currently under investigation by the state inspector generalS office but maintains his commitment to accountability and transparency, expressing confidence that the investigation will affirm his office’s integrity. Despite the controversy, Loftis plans to seek reelection in 2026.
South Carolina House punts on vote to remove state treasurer after $1.8 billion accounting error
South Carolina Treasurer Curtis Loftis is not being removed from his office, for now, despite uproar after a $1.8 billion accounting error.
In January, an independent audit found that $1.6 billion of the $1.8 billion believed to have existed was the “result of incorrect journal entries,” while the remaining $200 million was “already included in the reported bank balances” of the state treasurer’s office. Shortly after the findings, State Auditor George Kennedy resigned, and lawmakers have called for Loftis to do the same.
The state Senate passed a resolution, 33-8, to remove Loftis from office last month, but the resolution would need the state House’s passage to oust him. The South Carolina legislature’s 2025 session ended Thursday, without the resolution passing in the House. GOP state House Speaker Murrell Smith said he would rather voters decide his fate.
“I think that there’s not the will to remove the treasurer from what we have discussed with the vast majority of the members of our body,” Smith told reporters, per The State. “The people will speak on the treasurer come next primary season, and/or next November, and that’s where it is.”
Loftis is being investigated by the state inspector general’s office over the state treasury’s operations. The embattled state treasurer has been cooperating with the investigation.
“Since taking office in 2010, I have consistently upheld the principles of accountability and transparency on behalf of the citizens of South Carolina. I welcome this review and the opportunity to evaluate our actions independently. Claims that the Treasurer’s Office participated in a deliberate effort to mislead the legislature are entirely without merit,” Loftis said about the investigation.
“Once the investigation concludes, I am confident the findings will reflect my office’s integrity and diligence throughout this matter,” he added.
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Loftis is seeking reelection in 2026 despite uproar from politicians in both parties.
“I think it’s fair to say that the House believes that removing him is not the appropriate action that we need to take and that we need to let the voters decide whether they want to keep him in office,” Smith told reporters Thursday.
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