The role of a state treasurer of 1.8 billion dollar accounting error is unlikely to pay him his work
Republican South -Carolina treasurerCurtis LoftisIt seems that at least the rest of the year is likely to remain in office.
The dominant house of the Republicans has decided not to settleresolutionHe gave the Senate to be defeated in Loft because he was a role in a $ 1.8 billion account that appeared in the country's books but hardly had any real money in it and the inability to inform legislators for years.
On April 2, the Senate sent a resolution to the house. The Speaker of the House Speaker Smith said that before the end of May 8, there was simply not enough time.
“We are now focusing on the adoption of legislation and we will make a decision after the session ends with the treasurer,” Smith saidSouth -Carolina Public RadioTo.
The decision will leave Loft in the fifth four -year term in 2026. One of the arguments of staying in his position was that the cancellation of the election results was not fair.
“I am grateful for the decision of the management of the house through the political theater of the people's business. I am sure the Southern Carolinians are grateful that they are priority, and political games are not. I am ready to pay attention to people's work,” Loft wrote in a statement.
The Senate voted over 33-8 after an extraordinary hearing, where 23 Republicans voted. It was a culmination of senators for over two years of investigation, which began when national accountants unintentionally exaggerated $ 3.5 billion for colleges and universities.
This led to the detection of an account error that began a decade ago when the state changed from one accounting system to another. If the accountants were unable to balance the entries in two book sets as they moved to thousands of different definitions of accounts, they added to this year's year -on -yearTo $ 1.8 billionTo.
It took a forensic examination to be paid millions of dollars to finally unravel that almost all the money wasnot quite cashBut just the accumulation of mistakes.
Loft has invited a Senate investigation into ahuntTo. He said repeatedlyMoney was not lostAnd the mistakes were not made in his office, although others have admitted differently. The treasurer said that focusing on errors continues to threaten the state's strong credit rating.
The fact that eight Republicans' senators voted against the resolution does not mean that they support Loft. Shane Massey, the majority leader of the Senate, said he simply thought that his senators didn't make a strong enough case to remove him from office.
“I would vote for the monkey over Curtis Loft.
This is the first year of a two -year session, so that throwing in Loft, currently in the Committee on Home Committee, will survive when the legislators return to Columbia in 2026.
Submission to the Agency will begin in March next year as the main treasurer of the Republicans, the governor and other national offices in June.
This story was originally reflected on Fortune.com
