S.C. senators grill treasurer over $1.8B mystery, get few answers
COLUMBIA, S.C. (WRDW/WAGT) - Right now, the state of South Carolina has nearly $2 billion in s – and no one knows who it belongs to.
It’s the latest twist in an ongoing investigation into a $3.5 billion ing error that led to the resignation of the state’s top ant last year.
On Tuesday, a Senate subcommittee held an hourslong hearing as part of an investigation of this unallocated taxpayer money.
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Most of the hearing was filled with testimony from Treasurer Curtis Loftis.
Loftis has maintained it was not his job but the job of the comptroller general to notify lawmakers about this money.
The comptroller and senators dispute that statement.
The treasurer says he’s invested that money – and that it’s generated around $200 million in interest – which he says lawmakers have spent – though senators seemed unsure about that.
The hearing got heated at times with Loftis claiming senators have criminalized the work of his office and aren’t open to hearing his side.
“Our observations are that these problems originated in the treasurer’s office, that you have not accepted responsibility for them in seven years since they occurred, and that the records of the treasury are a mess,” said Sen. Larry Grooms, R-Berkeley, the committee chair.
Loftis said:
“Senator, that is highly irresponsible, and it is not accurate. … It has been evident in this committee hearing that not a soul here believes a word that I say.”
Comptroller General Brian Gaines was also there for part of the hearing – before Loftis’ portion.
Senators asked Gaines questions for about 20 minutes – and then he left right after they concluded – opting to not stay for the treasurer’s testimony.
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