Foreign Relations of the United States, 1973–1976
Volume XXXI, Foreign Economic Policy, Document 99
Washington, August 29, 1975.
- Economic Policy Board Executive Committee Vote on U.S. Negotiating Position on Gold
The closest refinement of the issue is as follows:
|Treasury Position:||Central banks should not be free to sell gold to one another for the settlement of regular or normal transactions.|
|Federal Reserve Board Position:||Central banks should not be free to sell gold to one another for the settlement of regular or normal transactions and central bank transactions in gold must be restricted to emergency circumstances.|
|Treasury Position Supported by Simon, Dunlop, Morton, Kissinger, Seidman3|
|Federal Reserve Board Position Supported by Burns|
|Abstentions: Lynn, Greenspan|
1 Source: Ford Library, President's Handwriting File, Subject File, Box 19, Finance—Gold. No classification marking. Attached to an August 29 covering memorandum from Connor to President Ford that reads: "Roger Porter sent this in per your request."
2 The meeting took place in the Cabinet Room from 11:15 a.m. to 12:15 p.m. In attendance were President Ford, Simon, Seidman, Dunlop, Lynn, Butz, Ingersoll, Domestic Council Executive Director and President's Assistant for Domestic Affairs James Cannon III, Morton, Enders, Yeo, Domestic Council Deputy Director Richard Dunham, Greenspan, Counselor John Marsh, Jr., Federal Energy Administration Administrator Frank Zarb, Counselor Robert Hartmann, Cheney, Rumsfeld, President's Assistant for Legislative Affairs Max Friedersdorf, Press Secretary Ronald Nessen, Assistant Press Secretary John Carlson, and Porter. (Ibid., President's Daily Diary) No other record of the meeting has been found.