Stop the Witch Hunt—Protect South Carolina’s Financial Future

By Curtis M. Loftis, South Carolina State Treasurer

The facts are clear—though some politicians would rather muddy the waters.

South Carolina isn’t under financial threat from mismanagement or missing money. The real danger comes from a relentless, politically motivated attack on my office—one that risks undermining our state’s financial reputation, increasing taxpayer costs, and stripping voters of their Constitutional right to elect a Treasurer who works for them, not the political elite.

For over a year, certain members of the State Senate have been fixated on a $1.8 billion accounting entry that was part of a larger $3.5 billion reporting mistake made by the former Comptroller General. Instead of focusing on real solutions, they’ve turned this into a headline-grabbing spectacle, calling for resignations and manufacturing a crisis where none exists.

Let’s be clear about what’s really happening: Some senators don’t want you—the voters—to elect your State Treasurer. They want to take that power away from you and appoint someone they can control. They see an opportunity to overturn an election, weaken the independence of the Treasurer’s Office and seize control of the state’s financial management.

The problem with their plan is South Carolinians have already spoken. In the last election, 80% of voters chose me to continue leading this office. These citizens understand the importance of having an independent watchdog over the state’s money—someone who answers to them, not political insiders.

Auditors confirmed that the $1.8 billion in question was a bookkeeping mistake that occurred during a computer system conversion years ago. Of that amount, $1.6 billion was appropriations—budgeted dollars, not real cash.

No taxpayer funds were lost. No money disappeared. And at no point did this error affect the Treasurer’s actual bank balances.

These entries weren’t made in secret. The conversion process included representatives from all state financial agencies. My office has been fully transparent and cooperative in addressing the issue. Yet, certain senators continue to falsely point fingers at me and my team of highly qualified bankers, accountants, and investment professionals.

This isn’t accountability—it’s a power grab. If they can’t beat me at the ballot box, they want to change the rules so they can control billions of public dollars for their own special interests.

Just look at the precedent. In 2023, the disclosure of a $3.5 billion accounting mistake in the Comptroller General’s annual report led to resignations and calls for reforms. Back then, the focus was on fixing systemic flaws, not launching personal attacks. But now, with the former Comptroller gone, the attention has shifted toward me, despite overwhelming evidence that my office acted honorably and professionally.

This political circus has real consequences. It’s putting South Carolina’s financial future at risk.

The state’s credit rating is the key to low-cost borrowing for schools, roads, and infrastructure. Rating agencies don’t just look at spreadsheets; they assess financial stability and leadership. Every exaggerated headline and baseless claim of “missing money” erodes confidence. If our rating drops, borrowing costs go up, and taxpayers, not the Senate, foot the bill.

Let’s not forget how much taxpayer money has already been wasted on this self-serving witch hunt. How much more will they burn on a problem my office didn’t create?

For 15 years, I’ve fought for stricter financial oversight, better accounting systems, and greater transparency. While I’ve pushed for real reforms, these elected officials have clung to blame and distraction, using taxpayer dollars to fuel their vendetta.

Meanwhile, a federal investigation is underway into the state’s financial reporting, not the Treasurer’s Office, and needs to run its course without this political grandstanding.

I was elected to protect your tax dollars, not play political games. I am committed to fight against this power grab.

South Carolinians deserve leadership, not theatrics. Our financial stability, reputation and future are too important to be sacrificed for political games. It’s time for the Senate to drop this sideshow and focus on the real work of governing.

Your money is safe. South Carolina is strong. Let’s keep it that way.