SC Legislators Attempt to Remove State Treasurer & Move To Appointments

SC Senate is Fast-Tracking a Bill To Remove SC Treasurer Curtis Loftis

It seems that the SC Senate Finance Committee has made it their mission to go after every financial leader in SC that has stood in their way of spending taxpayer money. After pressuring the former Comptroller General and State Auditor to resign, they have set their sights on the SC Treasurer, Curtis Loftis.

SC Senator Larry Grooms and Senator Stephen Goldfinch filed a bill (S.534) on April 2nd to remove South Carolina State Treasurer Curtis Loftis that is being fast-tracked through the Senate. On April 5th, it was polled out of the Senate Finance Committee with a favorable report of 22 Ayes and 1 Nay:

S.534 is now on the Senate calendar and could hit the Senate floor as soon as THIS Tuesday, April 15th.

Senate Continues "Witch Hunt" Procedure

The same day this bill was filed, the SC Senate created a document from the "Sense of the Senate" which refers to a non-binding resolution that expresses the opinion of the Senate on a particular issue. This document states that the Senate will convene on Monday, April 21st for a hearing to allow Treasurer Loftis to "provide a defense to the causes for removal" regarding the $1.8 billion that has been explained in exhaustion throughout several Senate Finance Committee hearings over the past year.

The document designates Senators Grooms and Goldfinch to present the "causes of removal" and respond to any of Treasurer Loftis's defense. While the Treasurer is allowed to be represented by counsel, the document states that he is not allowed to call any witnesses.

So...the Senate will hold their own little court procedure with each member of the Committee of the Whole being allowed to ask questions, but the Treasurer's only reprieve is legal counsel? No wonder Treasurer Loftis has stated several times that the Senate is leading a witch hunt against him. This is exactly what a witch hunt looks like in action.

On April 10th, Treasurer Loftis announced that he has filed a Petition with the South Carolina Supreme Court to enjoin a State Senate hearing until the Court can weigh in on significant Constitutional issues.

Note: in every Senate Finance Committee hearing, Loftis and his staff/counsel is required to swear to tell the truth, the whole truth, and nothing but the truth...yet the Senators who have spread false information regarding all of these financial imbalances are not. Do we expect anything different on April 21st?

Case Study #1: SC Comptroller General

In early 2023, coincidentally around the time the Scout Motors $1.2 billion deal was being fast-tracked, then-Comptroller General Richard Eckstrom informed the SC Senate of the $3.5 billion accounting imbalance (that ended up being around $5.8 billion.) According to Eckstrom, the "mapping error" originated in the state's accounting system when the state converted its software in 2007.

Of course, lawmakers were quick to try and to impeach and remove Eckstrom. On March 14th, 2023, the SC House passed a bill that reduced Eckstrom's salary to $1 for the remainder of his term. On March 23, 2023, Eckstrom resigned as Comptroller General after serving in the position for 20 years. Eckstrom also served as the State Treasurer from 1995-1999. Richard Eckstrom was known across the state for repeatedly blocking the SC legislature from spending taxpayer money, and was disliked across the General Assembly.

The Comptroller General is currently elected by South Carolinians. Following Eckstrom's resignation, Governor Henry McMaster appointed Democrat Brian Gaines (former Budget Director of the Department of Administration) to fill his position. Since 2023, SC legislators are now pushing S.35, a bill that would make the Comptroller General position appointed by the Governor, instead of elected by the people.

Case Study #2: State Auditor

Part of this accounting imbalance included $1.8 billion that came from a conversion when the Treasurer's office was being brought on to the new state accounting system.

In January 2025, an audit by Alix Partners was released and determined that the overwhelming majority of the problems originated from the comptroller general's office. As reported by Will Folks, in December 2023, Comptroller Brian Gaines stated that it was his office (not the Treasurer's) that directed these funds into the "appropriate" accounts. In this letter, Comptroller Gaines instructed Treasurer Loftis to recognize the $1.8 billion and certify it as cash so it could be spent by the SC General Assembly.

However, the Senate Finance Committee continued to place blame on the state auditor's office and the treasurer's office while the comptroller general's office seems to only receive glowing remarks and was profusely defended with Gaines now at the helm. On January 24, 2025, State Auditor George Kennedy submitted his resignation. While Kennedy did not give a reason for his resignation, sources state it is because he did not want his staff to endure the same persecution the Treasurer's office has received from the Senate.

The Treasurer Fights Back

In a recent interview with FITSNews, Curtis Loftis states that his problems with the SC establishment began with the state retirement and investment system. This system created a $32 billion debt and was the largest debt of the state due to switching the retirement and investment system from the oversight of the SC Treasurer to a commission. The responsibility of this commission rested on the back of the SC Senate Finance Committee, the same committee that has led the charge against the SC financial leaders. According to Loftis, this debt is still being paid through your employer taxes (higher salaries for the employees so they can pay their taxes.)

When Loftis was elected as Treasurer, he exposed not only this impropriety but several other millions that had been mismanaged. Loftis states that not one person was fired or investigated, other than the Senate Finance Committee bringing Loftis himself into a hearing when he uncovered these issues: "They [Senate Finance] just want control of the...Treasurer's office...they just want an appointee. Appointees keep their mouths shut." Take a listen to the full interview HERE.

Loftis points out the main reason certain SC legislators are working so hard to remove him: "To paraphrase all of this, a quote from Donald Trump: they want your money, and I'm in between you and the money. I'm standing in the way and I don't care what they say and what they do, I'm not leaving. I'm not letting them get that money."

In this interview, Treasurer Loftis announces that he will now be seeking re-election as State Treasurer since all other qualified candidates he has spoken to do not want to go through the fight he has had to endure.

What You Can Do

Contact your state senator and state representative and tell them to vote AGAINST S.534 (bill to remove State Treasurer Curtis Loftis) and S.35 (bill to appoint the Comptroller General position.)

South Carolina financial leaders like the Comptroller General and the Treasurer should be elected by the people. If they are handling OUR money, they should be responsible to US (the taxpayer,) not to the body of legislators who want to spend as much money as possible.