1978 - 1982
After serving in the Korean War and earning law and accounting degrees, Loren Monroe began his career as a field auditor for the Department of Treasury, gaining firsthand insight into the state’s financial operations. He later worked in public accounting and co-founded a Detroit-based law firm, blending legal expertise with fiscal strategy. Monroe made history in 1978 when he became Michigan’s first African American State Treasurer.
Soon after taking office, Monroe faced a major challenge: the Chrysler Corporation was on the brink of collapse. Working with Chrysler CEO Lee Iacocca, Monroe helped approve a $150 million state-backed loan that kept the company afloat. The deal saved thousands of jobs and helped stabilize Michigan’s economy. It remains one of the most important financial interventions in the state’s history.
After leaving office in 1982, Monroe remained deeply engaged in both business and civic life. In 2006, he returned to public service as Auditor General for the City of Detroit, a position he held until 2013. Throughout his career, he was known as a man of principle—one who navigated the complex intersections of government, finance, and justice.
Monroe was nationally recognized as one of the “100 Most Influential Black Americans” and held in high esteem across both public and private sectors for his trailblazing contributions.
Loren Monroe passed away in 2019. His life is remembered as one of groundbreaking achievement, civic responsibility, and lasting impact on the financial future of the state he served.
