As local elected officials, we are committed to serving our communities with
transparency, fiscal responsibility, and sound stewardship of public funds.
That’s why I support the South Carolina Financial Freedom Act—H.3221
and S.60—a bipartisan effort that would give local governments the freedom
to choose where to deposit taxpayer dollars.

Under current law, public entities, such as cities, towns, counties, and
school districts, are required to deposit funds only in commercial banks,
many of which are headquartered outside of South Carolina. This outdated
restriction limits our ability to make the financial decisions that are in the
best interest of the communities we serve.

By allowing credit unions to hold public deposits, the South Carolina
Financial Freedom Act would introduce meaningful competition into the
system. That competition leads to better rates, lower fees, and more
responsive service—all of which help stretch taxpayer dollars further.

Credit unions are not only qualified and regulated financial institutions—
they are deeply rooted in our communities. They support small businesses,
expand access to credit, and reinvest earnings locally. From sponsoring
youth programs to helping residents recover after disasters, credit unions
are true community partners.

This legislation is not about favoring one type of financial institution over
another. It is about restoring choice, encouraging competition, and giving
local leaders the tools we need to manage taxpayer funds wisely.

We strongly support the South Carolina Financial Freedom Act and urge
swift legislative action to advance this commonsense reform.

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