Columbia, S.C.—  The South Carolina Senate Finance Subcommittee has released its final report on the $1.8 billion accounting error.

They say the purpose of the report is to inform members of the Senate of the facts gathered by the subcommittee during the final phase of its investigations.

According to the report, the subcommitee believes that incorrect entires remain on the books today because the State Treasurer failed to maintain the integrity of the State’s banking and investment records.

The Senate Finance Subcommittee also says Treasurer Loftis failed to give them clear answers about the origin of the $1.8 billion accounting error.

The report states that since being confronted about the unresolved errors, the State Treasurer consistently misunderstood and misrepresented what the $1.8 billion was and never amended those statements when offered the opportunity to do so.

The subcommittee therefore recommends a complete correction to the state’s financial records, to the errors that led to the $1.8 billion and to the current unbalanced accounts that still exist.

The most significant recommendation is that the current State Treasurer be removed from office due to the neglect of statutory duties assigned to him and for other causes detailed in the report.

Following the report by the South Carolina Finance Subcommittee, State Treasurer Curtis Loftis took to social media to voice his concerns. 

"I call on the Inspector General, the State Laaw Enforcement Division and any other relevant law enforcement to come to the Treasurer's Office and conduct whatever investigation they feel appropriate. We have nothing to hide." Loftis stated. 

Treasurer Loftis also added that he has plans to get back on the campaign trail. 

To read the full report, click here.

This story was updated to include Curtis Loftis' response on March 26, 2025.