COLUMBIA — South Carolina Treasurer Curtis Loftis is set to defend himself on the Senate floor today against claims he misled lawmakers about his role in a multi-billion dollar accounting error that landed the state's finances under federal investigation.

The South Carolina State Senate is holding a historic hearing Monday afternoon that could remove a statewide elected official from office for the first time in state history.

Most of the $1.8 billion listed in a flow through fund set up during switch in accounting systems never existed, an independent audit report found.