In March of 1923, President Pedro Nel Ospina commissioned a group of experts, headed by Prof. Edwin Walter Kemmerer. This commission later became known as the Kemmerer Commission. The first action of the commission was to study Colombia’s economic reality by means of contact and discussion with business associations, agricultural societies and regional officials.
Subsequently, the Commission began to analyse the relevant parts of the laws passed the previous year, as a basis for the elaboration of the organic statutes of the entity that was about to be created. For this purpose it was not necessary to replace existing standards and norms of other economies or to pursue total innovation.