There shall be a special commission to consist of the following members: the secretary of education, who shall chair the commission; the chair of the board of higher education; the chairman of the State Colleges of Massachusetts Council of presidents; the president of the University of Massachusetts; a member of a board of trustees of a state college, selected by the chairs of such boards of trustees acting jointly; a member of the board of trustees at the University of Massachusetts who shall be appointed by the chair of the board; a person selected by the Massachusetts Teachers Association; and 3 persons selected by the governor who are experienced with the missions and degree-granting authority of public institutions of higher education in the United States. The commission shall make an investigation and study relative to the merit of allowing state colleges to become state universities. Such study shall include, but need not be limited to: the appropriate scope of such change; the educational value of such change for students; the need to allow state colleges to issue doctorate degrees; any increased costs to the commonwealth or to students likely to result from such change; the impact on the public higher education system, including the state colleges; and statutory compliance and degree approval processes for higher education institutions. The commission shall consider the function of state colleges in educating and training citizens of the commonwealth for roles in the economy of the commonwealth. The commission shall file a report on the results of its investigation and study, and any recommendations relative thereto, with the joint committee on higher education not later than November 15, 2008.