Curtis Loftis should step down as state treasurer immediately if he truly cares about South Carolina | Opinion

The role of a state treasurer is one of significant responsibility. Entrusted with managing the state’s finances, overseeing public funds, and ensuring the fiscal health of a state, the office requires unwavering integrity, transparency, and accountability. In South Carolina, Curtis Loftis has served as the state treasurer for over a decade. Despite his tenure, his leadership and actions have raised serious concerns among citizens, public officials, and financial experts. Given his controversial actions and decisions, it is time for Loftis to step down from his position as state treasurer. If Loftis truly cares about South Carolina, his legacy, and the future of the state, he should do so immediately.

This opinion is not born out of political bias or personal grievances; rather, it is grounded in a desire for South Carolina to move forward with a state treasurer who will put the financial interests of the state above personal agendas, who will act with the transparency and accountability that taxpayers deserve, and who will repair the damage caused by years of questionable decisions. Loftis’s tenure, marked by a pattern of behavior and decisions that have undermined trust in his office, calls into question whether he is still the right person to lead the state’s finances.

A History of Controversial Decisions

Curtis Loftis was first elected as South Carolina’s state treasurer in 2010. Initially, Loftis ran on a platform of financial accountability, emphasizing the need for transparency in government spending and the protection of taxpayers’ dollars. However, his tenure has been marred by a series of questionable actions that have raised serious doubts about his ability to effectively manage the state’s finances.

One of the most significant controversies surrounding Loftis revolves around his handling of the state’s pension system. South Carolina’s pension fund is one of the largest in the nation, and its health is crucial to the financial stability of the state. Loftis, however, has been criticized for his lack of effective oversight in this area, particularly in his management of the South Carolina Retirement System Investment Commission (RSIC). The state’s pension fund, under Loftis’s watch, has faced considerable funding gaps, and many critics argue that Loftis failed to take aggressive action to address the systemic issues plaguing the pension system.

In 2019, Loftis was publicly criticized for his failure to act in a timely manner regarding the state’s pension shortfall, which had ballooned to billions of dollars. Financial experts argued that Loftis, who has the constitutional duty to safeguard state funds, did not take adequate steps to address the growing pension crisis, leaving taxpayers exposed to the potential for drastic cuts to public employee pensions. Instead of working collaboratively with lawmakers to address the problem, Loftis took a more combative approach, often placing blame elsewhere rather than taking responsibility for his own inaction.

Moreover, Loftis has been involved in the controversial State Treasurer’s Investment Fund, which some have alleged was poorly managed, resulting in significant losses for the state. His management of the state’s investment portfolio has faced scrutiny, with critics accusing him of making risky investments that did not generate the returns that South Carolina needed to maintain its fiscal health. At the heart of these criticisms is the question of whether Loftis prioritized personal ambition or political interests over the financial stability of the state and its citizens.

These controversies are not isolated incidents. They are part of a broader pattern of behavior that suggests Loftis is more focused on his own political career than on the well-being of the state he is entrusted to serve.

A Failure to Prioritize Transparency and Accountability

Transparency and accountability are cornerstones of effective governance, particularly when it comes to managing public funds. Unfortunately, Loftis has been repeatedly accused of failing to meet these fundamental principles during his tenure as state treasurer.

Perhaps most glaringly, Loftis has faced criticism for his refusal to make the workings of his office fully transparent. Despite repeated calls for greater oversight, Loftis has resisted efforts to open up his financial dealings to public scrutiny. In 2020, it was reported that Loftis’s office had failed to produce required financial reports in a timely manner, raising serious concerns about his ability or willingness to provide the public with the information they are entitled to. This lack of transparency is a violation of the trust that taxpayers place in their elected officials, and it is particularly troubling given the enormous sums of money that are at stake in the management of the state’s finances.

Furthermore, Loftis has been accused of using his office for personal gain. In 2020, a state ethics investigation found that Loftis had made questionable use of state resources, including using state funds to travel on personal trips. While Loftis defended his actions, the optics of these allegations were damaging to his reputation and further undermined public confidence in his leadership. South Carolina voters expect their state treasurer to act with the highest ethical standards, and Loftis’s failure to do so has cast a long shadow over his time in office.

In addition to his own lack of transparency, Loftis has also been criticized for his handling of public records requests. Journalists, watchdog groups, and concerned citizens have all reported difficulty obtaining the information they need to hold Loftis and his office accountable. These actions—combined with his resistance to transparency—paint a picture of an official more interested in protecting his own interests than in providing South Carolinians with the information they are entitled to. This lack of accountability undermines the very essence of good governance and should raise alarm bells for anyone concerned about the future of the state.

A Distrustful Relationship with Lawmakers and State Officials

One of the most troubling aspects of Loftis’s leadership is his contentious relationship with other state officials and lawmakers. Effective governance requires collaboration, cooperation, and open dialogue between the executive, legislative, and judicial branches. Unfortunately, Loftis’s tenure has been marked by frequent clashes with lawmakers and other officials, many of whom have grown frustrated with his combative and, at times, obstructionist approach to state finances.

In recent years, Loftis has clashed with Governor Henry McMaster and members of the South Carolina General Assembly over how to address the state’s fiscal challenges. Rather than working together with these officials to find solutions, Loftis has frequently taken a confrontational stance, publicly criticizing their proposals and actions. This adversarial approach has made it difficult for the state to address urgent financial issues, such as pension reform and budgetary shortfalls. At a time when South Carolina faces numerous challenges, from education funding to infrastructure needs, Loftis’s unwillingness to engage constructively with lawmakers is an impediment to the state’s progress.

Moreover, Loftis has at times alienated members of his own party, further fracturing the political unity needed to tackle the state’s most pressing issues. As a Republican, Loftis has been accused of prioritizing his own political career over the needs of the state, often positioning himself as a self-appointed “savior” of fiscal responsibility rather than working collaboratively with other elected officials. This divisive approach to governance has only fueled partisan tensions and made it harder to reach consensus on important financial matters.

The Case for Curtis Loftis’s Immediate Resignation

Given his ongoing failures in leadership, lack of accountability, and consistent clashes with other officials, it is clear that Curtis Loftis is no longer the right person to hold the office of state treasurer. His ability to manage South Carolina’s finances effectively has been called into question, and his refusal to prioritize transparency and collaboration has undermined the public’s trust in his leadership.

If Loftis truly cares about South Carolina and the future of its citizens, he should step down from his position as state treasurer immediately. Continuing to serve in this role not only tarnishes his own legacy but also hinders the progress of South Carolina. The state deserves a treasurer who will work with other officials to address its financial challenges, one who will prioritize transparency and accountability above political ambition.

The people of South Carolina deserve better than a treasurer who is more concerned with protecting his own power than with ensuring the fiscal health of the state. It is time for Curtis Loftis to step aside and allow someone else—someone who values collaboration, transparency, and responsible governance—to take the reins and help South Carolina chart a path toward a more stable financial future.