State treasurer’s role in a $1.8 billion accounting error likely won’t cost him his job

Republican South Carolina TreasurererCurtis Loftisappears to be able to stay in office even for the rest of the year.

The republican-dominated home has decided not to slipA resolutionThe Senate has passed the Loftis Out of Office due to his role in a Phantom $ 1.8 billion accounts of state books but almost no real money and no real money will report it to the legislators in the years.

Senate sent resolution to get loftis at home on April 21

“We concentrate on the law now and we will make a decision after the session ending the path ahead with treasury,” Smith toldSouth Carolina Public Radio.

The decision was repeated open open to a fifth four-year term of 2026. One of his arguments to remain on duty it is not fair to an election.

“I am grateful for the home leadership decision to choose the business of political theaters. I have been sure that the first priority, which they are the first priority of work with people,” political writing.

The Senate voted 33-8 to get Loftis after an extraordinary hearing of 23 Republicans who voted yes. It is the last of the more than two years investigations to senators who began if the states accidentally raised the money given to colleges and universities for $ 3.5 billion.

That is why discovering an account error has begun a decade ago when the state changes from one accounting system to another. If accountants do not balance the origins of two sets of books as they move thousands of accounts with different definitions, they continue to add a special account each year until it growsto $ 1.8 billion.

It takes forensic accoundants, paid millions of dollars in fees, to last unbreakable almost all moneynot real moneyBut only one gathering of mistakes.

Loftis called the Senate investigation afishing. He repeatedly saidNothing lost moneyAnd errors were not made in his office, even if others prove to be different. The Treasurer said continued to focus on errors threatened stable state credit rating.

Just because eight Senators in the Republican voted against the resolution did not mean that they returned Loftis. Senate owners of Shane Massey said he simply thought that his fellow senators did not make a strong case to get him from the office.

“I voted for a monkey at Curtis Loftis. I don’t think he is a business trading and my hope has a good candidate to run against him,” Massey said.

This is the first year of one year session, so the loftis resolution, which is currently in a home committee, staying alive in Columbia in 2026.

The filing is started for the office next March with the Republican primary for Treasurer, Governor and other state offices that are occurring in June.

This story originally shown Fortune.com

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