Since taking office, he has returned more than $300 million in unclaimed funds to South Carolinians – more than all previous state treasurers combined – and has guided the Future Scholar 529 College Savings Plan to more than quadruple in size, with more than 200,000 accounts and total assets under management of nearly $6 billion. With more than 2,600 account holders and $22 million assets under management, the Palmetto ABLE Savings Plan has become one of the fastest growing plans in the nation.
Loftis is a fierce advocate for greater accountability, transparency and fiscal management in state government. As Treasurer, he has championed a number of causes for the benefit of state government and all South Carolinians, including financial education in K-12 schools. He has been a consistent leader in resisting mandates from unelected bodies, especially as it relates to public pension reform, overreaching regulations that harm taxpayers and states, and more recently, the increased emphasis on ESG.
In addition to serving as State Treasurer, Loftis is Chairman of the State Board of Financial Institutions, Vice Chairman of the State Fiscal Accountability Authority, Vice Chairman of the South Carolina Education Authority and Vice Chairman of the South Carolina Tobacco Authority. He also serves on the South Carolina Financial Literacy Board of Trustees. In the past, he has held leadership positions with the National Association of State Treasurers, the College Savings Plan Network and the National Association of Unclaimed Property Administrators.
As Treasurer, Loftis has been honored for his work with various awards and recognitions, such as being named to Columbia Regional Business Report’s 2020 Class of “Icons and Phenoms,” the “2019 Charter School Champion of the Year” by the Public Charter School Alliance of South Carolina and “Friend of the Taxpayer” by the South Carolina Association of Taxpayers.
His leadership has been featured in numerous publications, including The Wall Street Journal, The New York Times, Bloomberg, Institutional Investor and Bond Buyer. He is a sought-after speaker and has presented to groups such as The Wall Street Journal Private Equity Conference, the SkyBridge Alternative (SALT) Conference and the World Pension Forum.
A native of Lexington County, Loftis graduated from the University of South Carolina. He is a successful small business owner, as well as the founder and benefactor of the Saluda Charitable Foundation.
- Since taking office in 2011, Treasurer Loftis has returned more than $300 million in unclaimed funds to South Carolinians – more than all previous state treasurers combined.
- Treasurer Loftis has supervised significant growth in Future Scholar, the state’s 529 college savings plan, which now boasts more than 200,000 account holders and nearly $6 billion in assets under management, as of August 2022.
- Through the strategic sale of the state’s General Obligation and Revenue Bonds, the Treasurer’s Office has facilitated several billion dollars of new and refunded state economic development, agency, transportation, housing and college/university project debt while saving taxpayers more than $530 million.
- By restructuring state and local government investment portfolios, general fund assets have grown from $2.1 billion in 2011 to $12.2 billion in 2022 and Local Government Investment Pool (LGIP) assets from $2.9 billion to $10.3 billion.
- Treasurer Loftis has continued his commitment to reducing costs and eliminating waste and fraud for South Carolinians, including adopting new technologies for more efficient, secure electronic fund transfers between entities and previously directing contract renegotiations for the state’s merchant card contract to reduce transaction fees paid by state agencies, resulting in projected savings of nearly $5 million.