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1941 - 1942
Theodore “Phil” Fry, a Fremont banker turned politician, was elected Treasurer in 1932. As a former teller who rose through the ranks to become executive vice president of Old Fremont State Bank, Fry brought real-world banking experience to a system on the verge of collapse.
As acting Treasurer during the heart of the Great Depression, Fry oversaw Michigan’s finances at a time when banks were failing, revenues were plummeting, and the state was scrambling to stay afloat. A wave of new taxes emerged—including Michigan’s first-ever sales tax, along with liquor and gambling taxes—designed to help fill the massive budget shortfalls left by the economic crash and Prohibition’s repeal.
Fry also led a legal effort to recover public funds from a failing bank in 1934—a high-profile case that tested the limits of state power over private institutions. It signaled a growing push for financial accountability and public oversight.
No stranger to turmoil, Fry returned to the Treasurer’s role in 1941, just as the U.S. entered World War II, helping to manage Michigan’s wartime economy. Locally known as “Michigan’s Mr. Democrat,” he served as a delegate to multiple national conventions and was a presidential elector in 1942.
Theodore Fry passed away in 1962 at age 80, leaving behind a legacy of public trust, financial reform, and steady leadership in times of upheaval.