Gov. endorses Charleston Co. Councilman Tim Scott for state treasurer

COLUMBIA - Gov. Mark Sanford today endorsed Charleston County Council Chairman Tim Scott in the race for state treasurer, a position that carries high stakes for the governor.

If elected, Scott - a financial services professional - would become the state's first black constitutional office holder since Reconstruction. In addition, Gov. Sanford said that if the General Assembly opts to choose a new treasurer from within its own ranks, his endorsement would go to Sen. Greg Ryberg, R-Aiken.

The Legislature will meet Friday to elect a treasurer to replace Thomas Ravenel of Charleston, who resigned July 24 following his indictment on a federal drug charge. The new treasurer, who will be paid $92,007 a year, will serve the remainder of Ravenel's term, which expires January 2011.

The treasurer handles state investments and debts and manages a portion of the state retirement system. Additionally, the treasurer has a seat on the state Budget and Control Board, which oversees the management of state government.

Sanford, who serves as board chairman, has been able to secure a 3-2 voting majority on the board. He wants to dissolve the board and move its operations under the executive branch, but he needs an ally to replace Ravenel to accomplish his reform agenda.

Further, Sanford commissioned the Government Efficiency and Accountability Review Committee, which issued a report earlier this month illustrating the board's shortcomings.

"We've said from Day One that the antiquated structure of state government here in South Carolina is holding us back, both financially and operationally, as we try to compete in today's world," Sanford said when the report was released. "It's telling that South Carolina is the only state in the country with a Budget and Control Board, and that voters can't hold one elected official accountable for the performance of our state's central administrative agency."

The board is made of five members also including the comptroller general, chairman of the House Ways and Means Committee and chairman of the Senate Finance Committee. The next board meeting is scheduled Aug. 14.

Several state legislators have expressed interest in the position. Rep. Converse Chellis, R-Summerville, had been considered the frontrunner but it's not immediately clear how the governor's endorsement will factor in. Ryberg is also in the running.

Ryberg, who ran against Ravenel last year for the Republican nomination but pulled out of the race, is considered a Sanford ally but legislators have said he doesn't have enough votes to be elected treasurer.

Sanford named Ken Wingate, a Columbia accountant and attorney, to hold the position in the interim after suspending Ravenel without pay within hours of the indictment.

Wingate, who said he is not endorsing any candidate, announced Thursday that he will not seek the office. He said he accepted the position as an interim assignment and must get back to work at his law firm and wants to spend more time with his family. He said he would assist the new treasurer in the transition.

"Though there's been some short-term negative attention, I don't think there is an expected long-term negative impact either on this office or, most importantly, on the state of South Carolina," Wingate said last week. "The citizens personal and financial interests certainly have not been harmed."

Ravenel replaced long-term Treasurer Grady Patterson in January. Ravenel was indicted by a federal grand jury on June 19 for a charge of conspiracy to possess with intent to distribute less than 500 grams of cocaine. He is charged with sharing the cocaine, not selling it. He's pleaded not guilty to the charge.

Ravenel is in a New Mexico treatment facility. He is free on $100,000 bond but must submit to random drug tests and refrain from excessive use of alcohol, among other conditions. He is expected to be back in court on Aug. 21 for a pre-trial conference. Jury selection is scheduled to begin Sept. 5.

Reach Yvonne M. Wenger at ywenger@postandcourier.com or 803-799-9051.