Amid contentious hearing over $1.8B account, SC treasurer says this is his last term
During a hearing where he was being grilled over who had knowledge of a $1.8 billion account, South Carolina Treasurer Curtis Loftis said this would be his last term in office.
The remark came during questioning by a state Senate Finance subcommittee investigating the $1.8 billion account.
Loftis was reelected in 2022 to a fourth term with nearly 80% of the vote. The Democratic Party did not run a candidate against him. His only challenger on the ballot was from the Alliance Party.
The treasurer along with other constitutional officers, previously earned $92,000 a year. The salary was increased to $164,000 in an effort to encourage more qualified people to run for the job.
Loftis said he couldn’t find someone to run in his place when the pay was only $92,000.
“They gave us raises this year, that’s one of the reasons this is my last term,” Loftis said. “I would have left last time but at the rate we were being paid ... the only people who wanted these jobs were rich people who didn’t need them ... or people who see it a vehicle to something else.”
Much of Tuesday’s hearing was aimed at how much Loftis knew about the $1.8 billion account, whether lawmakers should have been notified sooner, and which agencies ultimately are entitled to the money or if it can be spent by lawmakers.
This story was originally published April 2, 2024 at 5:05 PM.
