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Reflections on the Gold Commission Report

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Reflections on the Gold Commission Report This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Money in Historical Perspective Volume Author/Editor: Anna J. Schwartz Volume Publisher: University of Chicago Press Volume ISBN: 0-226-74228-8 Volume URL: http://www.nber.org/books/schw87-1 Publication Date: 1987 Chapter Title: Reflections on the Gold Commission Report Chapter Author: Anna J. Schwartz Chapter URL: http://www.nber.org/chapters/c7509 Chapter pages in book: (p. 317 - 332) 13 Reflections on the Gold Commission Report l3.1 Background of the Commission 13.1.1 Political Aspects The Gold Commission was established in accordance with a provi- sion in an Act of Congress of October 7, 1980 (P.L. 96-389), of which the main matter was enlarging the quota assigned to the United States in the International Monetary Fund. The provision, introduced as an amendment to the Senate bill by Senator Jesse Helms (Republican, North Carolina), was accepted by the leadership to obtain his acqui- escence to consideration by the Senate of the IMF quota enlargement. A similar arrangement was made in the House, where the amendment to the House bill was introduced by Congressman Ron Paul (Repub- lican, Texas). The provision directed the secretary of the Treasury to establish and chair a commission consisting of 1. Three members of the Board of Governors of the Federal Reserve System and two members of the Council of Economic Advisers to be designated by him 2. One majority and one minority member of the Joint Economic Committee, the Committee on Banking, Housing, and Urban Af- fairs of the Senate, and the Committee on Banking, Finance, and Urban Affairs of the House of Representatives, to be designated by the Speaker of the House of Representatives and the President of the Senate, respectively 3. Four distinguished private citizens with business, finance, or ac- ademic backgrounds, to be de

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