South Carolina's New Treasurer
That perception of the South Carolina state Treasurer's office as mere required window dressing, as only a header on official stationary, is going to change if Curtis Loftis has his way — and he usually does.
The newly-elected, self-made millionaire-turned-international philanthropist decided to become South Carolina Treasurer less than a year before he won the election, reportedly with the largest number of votes ever cast in this state.
Now why would a political neophyte kick in almost a million dollars of his own money to run for the job of treasurer of a state that's facing an $800 million dollar shortfall, unpopular budget cuts and an economic crossroads? Because he thinks he can make a difference, says Loftis.
"I picked up a newspaper, read a story about the state's budget woes, and said to myself, 'This is it'."
In fact, he's been in office less than four months, but the 52-year-old, firsttime office holder is so enamored of and challenged by his new job that he is already planning to run for a second term.
Loftis, who carried on his own Columbia-based family service business so successfully he was able to retire at age 40, determined he wanted to work to make South Carolina's state treasury accountable — and ultimately — balanced and transparent. Transparency is, in fact, his mantra and is the reason he says he wanted to become treasurer.
"I didn't like the way the state's money was being handled. It was inefficient. People in the state need to know where their money is going. I'd like to see people control their own money."
Facts that usually don't come to mind when talking about the Treasurer's office are that South Carolina is the 73rd-largest economy in the world. The State Treasurer is the Chief Financial Officer.
The South Carolina retirement system is one of the 100 largest sovereign wealth funds in the world, and the Treasurer is custodian of those funds and also a member of the committee that decides how to invest the $27 billion fund.
The Treasurer is also a member of the Budget and Control Board and Chairman of the Board of Financial Institutions. In other words, the State Treasurer has access to and involvement in all of the state's most vital financial functions and actions.
And Loftis is very comfortable with that. He takes the word stewardship very biblically and literally. "Public service is not about being reelected, but rather about making a difference and serving a cause greater than oneself. Fiscal responsibility starts at the top, so I promise to limit benefits available to me as Treasurer."
Accordingly, Loftis uses his own SUV. His traveling buddy, a Labradoodle named Camey, accompanies him, and he foregoes the cars provided by the state.
Loftis says his pet peeves include professional politicians who stay in office so long they forget why they sought office in the first place.
"I find distasteful the politicization of nonpolitical issues. Important concerns such as transparency, accountability and efficiency are intentionally obscured by professional politicians. We should take the mystery and politics out of the core business of government and let people know what their government is really doing. At its heart, government is business. It is delivering goods and services in an efficient manner, at a cost that is affordable. We all agree about that, so let's get on with it."
That attitude may serve to rock some good ol' politicians' boats, but Loftis doesn't care. "I don't take orders very well. I am repeatedly asked by politicians to support the 'order of things,' but there is no wisdom in that," he says.
Initially, Loftis released a plan calling for the re-evaluation of our financial oversight of state agencies. That goal has not changed.
"At every opportunity I ask myself the question, 'How do I create value for the taxpayer?' Creating values means investing our resources prudently, spending money efficiently and eliminating fraud, waste and abuse. It means doing more with less. It means transparency that allows the public to see what we do. The shift from a closed shop that is windowless and mysterious to an open house will not be easy. It will not happen overnight, but it will happen!"
"In the November election I received more votes than any other elected official in state history. The politicians did not hire me, the voters did. They gave me an overwhelming mandate. The voters are due my time, my energy and my heart. There can be no exceptions to that."
If Loftis sounds somewhat evangelical, it is because he is.
During the 12 years since his retirement at age 40, to his current gig as State Treasurer, Loftis founded and headed a self-funded charity. He traveled to distant corners of the world, building and establishing senior centers, food banks and other community-enhancing entities in Third World countries.
"My humanitarian work has been my greatest blessing but also my most significant trial. As I look back I see how God was involved in every decision and was protecting me and providing for me at every turn. I was unable to raise money, so I self-financed even though I was afraid it would bankrupt me, but instead my income mysteriously spiked upwards. Crooked government officials and mafia types focused on me, yet I was able to work around their threats and complete my projects. Looking back, it is clear that these tests were to show me the power of faith. That faith helps me daily as I negotiate the complicated and sometimes unpleasant political world of state government."
So now South Carolina has a zealous new Governor calling for state lawmakers to be graded on their performance and a dedicated new State Treasurer calling for transparency in financial and government dealings.
If you're wondering what that rumbling sound in Columbia is, it's the ground trembling under the South Carolina State Capitol.
** Loftis ran against former state treasurer Converse Chellis, who had been appointed by lawmakers to finish out Thomas Ravenel's term. Ravenel faced drug issues which forced him to resign mid-term.