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Following Elmer Rasmuson's Senate defeat, President Richard Nixon appointed him to the International North Pacific Fisheries Commission. Its purpose was to manage the Pacific Ocean fisheries to conserve the resource and ensure fair fishing quotas. Rasmuson would find this job entirely to his liking and served for fifteen years. In 1976, he was appointed first chairperson of the Anchorage-based North Pacific Fishery Management Council.
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In 1976, a state constitutional amendment created the Alaska Permanent Fund. This required saving a percentage of all state mineral revenues for future use. Elmer Rasmuson became the first chairman of the Board of Trustees in 1980 and served until 1982. His accomplishments were to lay the groundwork for inflation-proofing the fund and investing it in a balanced portfolio of equities (Cole and Rasmuson, Vol. 1, 417). Both of these concepts were eventually put into practice, and today the Fund is viable and profitable.
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