Statue of Liberty and about two percent of the exterior plates needed to be replaced. Although problems with the armature had been recognized as early as 1936, when cast iron replacements for some of the bars had been installed, much of the corrosion had been hidden by layers of paint applied over the years. In May 1982, President Ronald Reagan announced the formation of the Statue of Liberty–Ellis Island Centennial Commission, led by Chrysler Corporation chair Lee Iacocca, to raise the funds needed to complete the work. Through its fundraising arm, the Statue of Liberty–Ellis Island Foundation, Inc., the group raised more than
Conservation-restoration of the Statue of Liberty agreed to a working relationship with the Committee. In June 1981, the Committee was incorporated as a non-profit foundation licensed by the state of New York to raise funds for the restoration effort. The Committee hired four French consultants said to have considerable expertise in their respective fields: an architect-engineer, a metals expert, a structural engineer and a mechanical engineer who were asked to compose a technical report on the physical condition of the statue. The French consultants visited Liberty Island in May, June, October and December 1981, before presenting a preliminary white paper to the National Park Service on