Foreign Relations of the United States, 1969–1976, Volume XXXI, Foreign Economic Policy, 1973–1976

99. Memorandum From the Executive Secretary of the Economic Policy Board (Porter) to President Ford¹

Washington, August 29, 1975.

SUBJECT

• Economic Policy Board Executive Committee Vote on U.S. Negotiating Position on Gold

As Executive Secretary of the Economic Policy Board, I was designated by Secretary Simon and Mr. Seidman to conduct the secret ballot you requested at this morning’s Economic and Energy Meeting² on the issue of the 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.

The votes of the Executive Committee members are as follows:

	Treasury Position Supported by Simon, Dunlop, Morton, Kissinger, Seidman3
	Federal Reserve Board Position Supported by Burns
	Abstentions: Lynn, Greenspan

The Department of State vote was cast by Deputy Secretary Ingersoll who spoke with Secretary Kissinger following the meeting.

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.
3. President Ford initialed his approval of this position. Seidman, Simon, Porter, and Rumsfeld were apprised of the President’s decision that day, according to an August 29 memorandum from Connor to Seidman. (Ibid., President’s Handwriting File, Subject File, Box 19, Finance—Gold)