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by NANCY YATES
South Carolina stands at a crossroads, grappling with a financial fiasco that has shaken public trust to its core. At the center of this storm is State Treasurer Curtis Loftis, whose handling of a $1.8 billion accounting error—coupled with apparent lies, evasion of responsibility, and a glaring lack of oversight and leadership—demands immediate action. The evidence is clear, the stakes are high, and the remedy is unmistakable: Loftis must be impeached.
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The $1.8 Billion Blunder: A Monumental Accounting Error
Let’s start with the numbers—or rather, the lack thereof. In late 2022, treasury staff uncovered a staggering $1.8 billion discrepancy in South Carolina’s books, a mystery that lingered undetected for nearly a decade. A forensic audit by AlixPartners, costing taxpayers $3 million, later revealed a jaw-dropping truth: most of that money never existed. It was a paper mirage, born from sloppy bookkeeping during a transition to a new electronic ledger system in the late 2010s. Only $200 million was real, and even that was already accounted for elsewhere.
This wasn’t a minor clerical slip—it was a systemic failure under Loftis’s watch. As the state’s elected “banker,” tasked with managing over $75 billion in public funds, Loftis had a duty to ensure accuracy and transparency. Instead, for years, he presided over a financial house of cards, leaving lawmakers and citizens in the dark. The scale of this error alone should raise alarms, but it’s what came next that seals the case for impeachment.
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Lies and Evasion: Undermining Public Trust
When pressed about the $1.8 billion, Loftis didn’t just dodge responsibility—he spun a web of misleading claims. He told lawmakers the money was real, even boasting it had generated $250 million in investment earnings. Yet the AlixPartners audit couldn’t verify this, suggesting it might’ve been a fabricated figure based on averages, not facts. When Rep. Micah Caskey asked point-blank, “Is it real money I can touch?” Loftis answered, “Yes.” That was a lie. The $1.6 billion beyond the accounted $200 million was phantom cash, untouchable and unreal.
Loftis’s testimony under oath has been called into question repeatedly. Sen. Larry Grooms, a fellow Republican, accused him of “knowingly misleading” the public during a 2024 inquiry, pointing to discrepancies between Loftis’s statements and the audit’s findings. Rather than own the mistake, Loftis deflected blame to retired staff, the Comptroller General, and the State Auditor—anyone but himself. This isn’t leadership; it’s cowardice. South Carolinians deserve a treasurer who tells the truth, not one who hides behind excuses and half-truths.
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Lack of Responsibility: A Failure to Act
A treasurer’s job isn’t just to count the money—it’s to protect it. Loftis failed spectacularly on both fronts. The accounting error festered for six years before it was reported to the General Assembly, a delay Loftis knew about but did little to address. When the scandal broke, he doubled down, calling criticism a “political witch hunt” and refusing to resign despite mounting evidence of his negligence. His office even spent $60,000 on a crisis PR firm to polish his image—taxpayer dollars wasted on damage control instead of fixing the problem.
Worse, Loftis’s inaction extended beyond the $1.8 billion mess. A Senate Finance report from March 2025 accused him of violating federal law by mishandling COVID-relief housing funds, sending $5.9 million in interest to the state’s general fund instead of returning it to the U.S. Treasury. He claimed he lacked authority to correct it, yet the state has returned federal funds countless times before. This isn’t a one-off; it’s a pattern of shirking duty that jeopardizes South Carolina’s financial standing and credit rating.
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Oversight and Leadership: Missing in Action
Leadership means owning the ship—especially when it’s sinking. Loftis has shown neither the competence nor the character to steer South Carolina’s treasury. The Senate report didn’t mince words, citing his “level of ineptitude” and “volatile temperament” as unworthy of the state’s citizens. His combative showdowns with lawmakers—like threatening to release sensitive financial data or clashing with Sen. Grooms, who called him “erratic”—paint a picture of a man unfit for the role.
Oversight? Loftis’s office was one of three agencies aware of the $1.8 billion error, yet he failed to sound the alarm or push for a fix. The Comptroller General and State Auditor resigned over related scandals, but Loftis clings to power, defiant and unaccountable. His refusal to collaborate with neutral experts or implement recommended reforms shows a leader more interested in self-preservation than public service.
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The Case for Impeachment
South Carolina’s Constitution allows impeachment for “serious crimes or serious misconduct.” Loftis’s tenure checks both boxes. The $1.8 billion error, sustained by his negligence, is misconduct of the highest order—costing millions to untangle and risking a federal SEC investigation that could tank the state’s finances further. His apparent lies under oath and willful neglect of duty elevate this to a breach of public trust that demands removal.
Impeachment isn’t about politics—it’s about governance. Rep. Heather Bauer, a Democrat, filed articles in January 2025, calling Loftis’s actions “dereliction of duty.” Sen. Grooms, a Republican, echoed this, urging his removal for “willful neglect.” Bipartisan outrage proves this transcends party lines. Loftis has lost the confidence of those he serves, and letting him limp to the end of his term in 2026 sends a dangerous message: incompetence and dishonesty are tolerable in high office.
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A Call to Action
South Carolinians deserve better. The House must act swiftly to investigate and vote on impeachment, followed by a Senate trial to hold Loftis accountable. This isn’t about punishment—it’s about protecting the state’s future. Our financial stability, reputation, and trust in government hang in the balance. Curtis Loftis has failed us through accounting errors, lies, and a refusal to lead. It’s time to say enough is enough. Impeach him now.
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ABOUT THE AUTHOR…
Nancy Yates is a political independent from the South Carolina Upstate.
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6 comments
She believes Larry Grooms. So much for her credibility.
LMAO!!!!!!
This woman is a democrat. Who is she kidding.
From her Facebook page: “They tell me the same thing and I don’t even have cable. I absolutely loathe Trump for stoking the division, marginalizing the already marginalized and in general because he’s a self serving haughty jerk. I don’t need a degree in psychology to see that from his own words, Tweets and deeds.”
And She likes Amy Klobuchar liberal Senator from MN.
These lying Democrats.
Is this Larry Groom’s mom?
Independent my rear and, she is a lefty.
This woman is a friend of Neil Collins, the left leaning RINO in the House of Reps.
She is not a Republican.
Ms Yates, Curtis Loftis is probably the most honest elected official in SC. Stop putting your trust is career corrupt officials like Senator Grooms. As far as you being an independent, LOL
I’ve known Curtis Loftis since I was 5 years old. I’m now 63. He is extremely honest and should be given the opportunity to finish his term and run for re-election if he decides to do that.