The Gold Commission was created to “conduct a study to assess and make recommendations with regard to the policy of the U.S. government concerning the role of gold in domestic and international monetary systems.”
Established by law on Oct. 7, 1980, the commission was to issue its findings and recommendations to Congress within a year.
However, the new Reagan administration did not appoint members until June 22, 1981.
To allow sufficient time for the commission to do its work, the reporting date was changed to March 31, 1982.
Selecting appointees, particularly members from the public, was a delicate balancing act.
There were clear anti-gold and pro-gold members, as well as some who were careful not to disclose their views prior to the commission’s meetings.
The pro-gold members were in the minority and they insisted that the commission’s sessions be held in public.
Only the first, organizational session was held behind closed doors.
The remaining eight sessions, including two hearings, were held in public, which drew a great deal of interest and press coverage.