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Sadly, rumors of mysterious bank accounts, phantom money and now conspiracy theories are unnecessarily making headlines and soundbites across the state’s media landscape with little regard for how these flawed accusations will impact South Carolina’s financial stability. Not only are the headlines untrue, the consequences are real. I have long asserted that this matter, and the negative media coverage it has gained for the past two years, may harm our State’s vaulted credit rating and impact our ability to issue debt on behalf of the State and its agencies. If this occurs, it is a self-inflicted wound by those who are advancing their own political agendas versus protecting the voters who put them into office. To me, and many of my colleagues, their actions are a severe violation of the public’s trust.
The assertion that my office failed to disclose critical information for years is categorically false. Transparency has been, and continues to be, a cornerstone of my administration. The $1.8 billion conversion entry was a shared responsibility among several agencies, not an isolated failure of the State Treasurer’s Office. The Comptroller General, the State Auditor and the State’s outside audit firm all agreed on the treatment of this conversion. From the moment concerns arose, my team acted swiftly and within legal parameters to address them. To suggest otherwise ignores the collaborative nature of state financial oversight and unfairly assigns blame for systemic issues.
If one reads the AlixPartners report (.pdf), there were 25 recommendations – 17 that focused on the Comptroller General’s Office, one solely for the Treasurer’s Office and a few were shared recommendations for the statewide partners and the legislature. Our recommendation calls for the automation of a cash report.
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RELATED | MISSING $1.8 BILLION DOESN’T EXIST?
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As the State’s disclosure officer, I am governed by numerous state and federal regulations, and I take this responsibility very seriously. I will not violate the law. Suggesting that I was untruthful to legislators about the existence of funds is not only inaccurate, it is irresponsible. We had opinions from the Comptroller General, State Auditor, and the State’s outside audit firm that those funds represented General Fund cash. Considering that information, and further consulting with the Comptroller General’s official book of record (SCEIS), my team generated the earnings figure based on the daily available rate, and I responded with that information when asked by a senator. To be clear, the State Treasurer’s Office pools and invests ALL available cash in its custody.
The State Treasurer’s Office is tasked with managing billions of dollars in public funds daily, ensuring taxpayer dollars work to generate returns for vital services like education, infrastructure, and public safety. This diligence has contributed to South Carolina’s financial stability and enhanced credit ratings, benefiting all citizens. Attempting to distort this record with out-of-context soundbites does a disservice to the public. Again, politics over people.
Last spring, I initiated calls for an external audit to determine if the $1.8 billion was indeed cash. I also asked for the Governor’s help, and that collaboration led to the establishment of a working group dedicated to resolving this issue.

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The AlixPartners report highlights the need for stronger internal processes — something I have championed. My office has repeatedly advocated for modernized accounting systems and greater interagency cooperation to prevent future discrepancies. Our team is looking forward to these enhancements and a greater sense of cooperation between state agencies.
However, the suggestion that South Carolina should appoint, rather than elect, its State Treasurer is not only misguided, it is a flawed model which will be detrimental to the citizens of South Carolina. An appointed State Treasurer would answer to special interests, not directly to the people. I remain accountable to voters, ensuring their voices guide the stewardship of our state’s finances.
I am grateful South Carolina citizens first elected me in 2010, and since then the State Treasurer’s Office has achieved significant successes that directly benefit the people of South Carolina. Most notably, we protected and grew the state’s investment portfolio, ensuring South Carolina’s financial resources are secure and produce strong returns.
The people of South Carolina deserve a State Treasurer who puts their interests first — someone who is not afraid to face challenges head-on and advocate for reforms that benefit everyone. I stand by my record and will continue to serve with integrity and accountability. For me, it is people over politics, not the other way around.
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ABOUT THE AUTHOR …
Curtis Loftis is treasurer of the state of South Carolina.
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3 comments
Mr Loftis, thank you for being the most honest, competent, and above-board, elected official in South Carolina state government! You, with your integrity, have been a blessing to our state. I hope you continue to serve our state for many years to come.
Should you ever decide the garbage some have hurled your way over things like the $1.8B mixup has gotten tiresome, please consider a run for Governor. I remember you speaking much truth a few years ago during the Covid plandemic. I cannot help but wonder how much better off our state would have been if we had you in the Governor’s Mansion at that time. Again, your integrity and competence have not gone unnoticed.
Quite possibly the only honest politician in state government. The rodents in the legislature are afraid of him because he has integrity.
Thanks to Loftis for standing up for the taxpayers and not the special interest groups. Grooms and his friends speak for those special interest groups.