The group met for the first time this week and expect the work to take about eight months.
The committee is made up of 16 community leaders representing western Colorado interests. Members will take comments about making the monument a national park.
The Daily Sentinel in Grand Junction says the group will weigh the economic benefits of upgrading the monument.
Congress would have to approve making the monument a national park. Supporters say reclassifying the roughly 32 square miles of red-rock monoliths and canyons would bring more attention to the site and boost area tourism.
Others have questioned whether the change would lead to stricter environmental regulations.
(Copyright 2011 by The Associated Press. All Rights Reserved.)