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SC treasurer hangs on to job despite accounting error

Despite a hostile exchange between Treasurer Curtis Loftis and a panel of House budget writers last week over a $1.8 billion accounting error, House Republicans aren’t calling on the state’s banker to step down.

The State newspaper reports that Republicans, who hold a supermajority in the chamber, say they’re still reviewing how the $1.8 billion accounting error occurred and whether changes recommended by an outside forensic auditor are actually implemented.

Members of the Senate have pushed for Loftis to leave, and a House Democrat has filed articles of impeachment over his office’s role in the $1.8 billion accounting error.

Following an initial disclosure of a $3.5 billion accounting error, the state’s finances are under investigation by the Securities and Exchange Commission.

State Auditor George Kennedy resigned after the audit report was released.

Comptroller-General Richard Eckstrom resigned in 2023 after he disclosed a separate accounting issue in which he inflated the state’s cash balances by $3.5 billion.