The South Carolina Senate has voted to remove State Treasurer Curtis Loftis due to allegations of "willful neglect" related to a significant accounting error amounting to $1. 8 billion. This decision, pending approval by the House, would mark a historic first in the state.
• On April 21, the Senate voted 33–8 to oust Treasurer Loftis after a lengthy hearing. Senators Larry Grooms and Stephen Goldfinch led the charge against him, citing serious accounting discrepancies.
• A Senate Finance subcommittee report highlighted Loftis's failure to maintain accurate banking and investment records, which led to an unexplained $1. 8 billion in funds under his control.
• An outside forensic audit revealed that the majority of the funds in question resulted from bookkeeping errors due to the transition to a new accounting system in the 2010s.
• Loftis has served as treasurer since 2010 and has been known for his reluctance to accept responsibility for the errors, comparing his situation to that of President Donald Trump, who rejected various investigations.
• During previous testimonies, Loftis claimed the questionable funds were invested and generating returns. However, after the audit findings, he stated that the report confirmed his original views, which Senator Goldfinch dismissed as false.
• Loftis's legal team referred to the discrepancies as "on-paper accounting errors" and emphasized there was no evidence of wrongdoing uncovered by the audit.
• Loftis is portrayed as a popular figure in South Carolina, having received 80% of the vote in his last election. His attorneys claim the legislative actions against him violate his rights and the voters' intentions.
• The process for his removal is based on "willful neglect of duty," allowing the General Assembly to act without the standard impeachment process. If removed, Loftis would be the first official in South Carolina history to be ousted under this provision.
The future of Treasurer Curtis Loftis now lies in the hands of the state House, which, controlled by the GOP, will decide whether to pursue further hearings on his removal.
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