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8/9/2019 Capital Campaign Prospectus
1/13
future T H Eliberating
t h e c a t o i n s t i t u t ec a p i t a l c a m p a i g n
8/9/2019 Capital Campaign Prospectus
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l i b e r a t i n g t h e F u t u r e
i n its more than three decades of existence the Cato Institute has neverundertaken as ambitious a program as the $50 million capital campaignit launched in 2010. Our theme of Liberating the Future reflects the con-
cerns of the Institutes Board of Directors that our heritage of liberty is under
assault as never before. Powerful forces seek to put America on a dangerous
path that will lead to less freedom, less prosperity, and greatly restricted oppor-
tunities for the next and future generations.
These are challenging times for friends of freedom; but amid crisis, there
are also signs of opportunity. Abroad, the powerful forces globalization has
unleashed have brought increased economic and political freedom to tens of
millions. And at home, Americans demonstrate a growing resistance to regi-mentation that frustrates latter-day planners and progressives. An energized
freedom movement is at hand.
No organization is more committed than Cato to the principles of freedom
that made America a beacon for the worlda cause for optimism and oppor-
tunity in a world of widespread misery and suffering. We will not stand idly by
and see that heritage destroyed, its blessings denied to our children and grand-
children. We aim to redouble our efforts to defend and promote liberty
through the ambitious program we are calling Liberating the Future.
With a view of the Washington
Convention Center, the Roof
Garden will be located on the
new seventh floor addition to
the Institutes headquarters.
The Garden will be an outdoor
venue to host intimate recep-
tions, staff gatherings, and pre-
sentations for approximately
100 people. In addition, the
Garden will feature a majesticOstermiller Golden Eagle
Bronze overlooking
Massachusetts Avenue donated
by the Kammerer Foundation
in the spirit of its founder
R. Michael Kammerer Jr.
K e n & F r a y d al e v y l i b e r t yg a r d e n
8/9/2019 Capital Campaign Prospectus
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F a C i l i t y n a m i n g o p p o r t u n i t i e s
EXPANDED F. A. H AYEK AUDITORIUM $5 MILLION
LECTURE H ALLS (2) OF T HEGEORGE M. Y EAGER CONFERENCE CENTER $1 MILLION
(EACH )
GREEN R OO M $500,000
SEVENTH FLOOR CONFERENCE R OO M $500,000
SIXTH FLOOR CONFERENCE R OO M $500,000
p o l i C y C e n t e r n a m i n g o p p o r t u n i t i e s
CENTER FOR CONSTITUTIONAL STUDIES $10 MILLION
CENTER FOR GLOBAL LIBERTY & PROSPERITY $5 MILLION
CENTER FOR EDUCATIONAL FREEDOM $5 MILLION
R EGULATORY AFFAIRS $5 MILLION
Y OUNG LEADERS PROGRAM $5 MILLION
d o n a t e d
CLIFF & LAUREL ASNESS LECTURE H ALL ( IN T HE GEORGE M. Y EAGER CONFERENCE CENTER )
CHARLES R. BURNETT F ITNESS CENTER
BILL & R EBECCA D UN N BOARD R OO M
R O GER AND ELIZABETH H AGANS M ULTIMEDIA CENTER
JAMES M. K ILTS CAFETERIA
M ELVYN JAY KUSHNER LIBRARY
R OSE W ILDER LANE H ALL
KEN & FRAYDA LEV Y LIBERTY GARDEN
R ICHARD & SUE ANN M ASSON POLICY CENTER
BOB & R UT H R EINGOLD STUDENT CENTER
H ERBERT A. STIEFEL CENTER F OR TRADE POLICY STUDIES
GEORGE M. Y EAGER CONFERENCE CENTER
n a m i n g o p p o r t u n i t i e s
8/9/2019 Capital Campaign Prospectus
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t he expansion of Catos headquarters wont simply provide the Institute withbetter facilities: crucially, it will allow us to add much-needed manpower sothat we can join the battle in issue areas we currently dont have the staff to address.
The heart of our campaign for Liberating the Future is the addition of new scholars.
For over three decades, Cato has built up a well-deserved reputation for sound
analysis and incorruptible integrity. Catos high profile is due to the political inde-
pendence of the Institute, the finely-honed communications skills of its policy staff,
and the intellectual strength of its policy work. The impressive stable of Nobel laure-
ates and leading academics who work closely with the Institute demands attention
and respecteven from a biased media.
And yet, much more can be doneneeds to be doneto capitalize on the platformwe have. Remarkably, in a time when threats to liberty are increasing all across the pol-
icy spectrum, Cato does not have a single analyst devoted full time to environmental
policy. Nor do we currently have the space or the budget to hire scholars who focus
exclusively on drug policywhere opportunities for reform aboundor labor and
employment regulationwhere threats to freedom and dynamism loom. And while
27,000 new pages are added every year to the Federal Register,Cato has only one full-
time regulatory scholar. Thats simply not enough.
To keep the ideas of the American Revolution alive and relevant for the next gener-
ation, Cato needs to bring new scholars on boardhighly skilled analysts who
can provide timely responses to opponents, warn of the dangers of new laws and reg-
ulations, and point to opportunities for pro-freedom reforms. What follows are some
of the issue areas where Cato plans to shift the terms of debate as we carry the fight for
liberty into the 21st century.
labor and employment poliCy studies: Proclaiming their devotion to
change, powerful forces in Washington now seek to bolster public employee union-
ism, arrest the decline of private sector unions, and expand the reach of our anachro-
nistic labor laws, designed in the early 20th century for an industrial order that no
longer exists. Meanwhile, enhanced prosecution of employment discrimination laws
is imposing staggering new costs on employees and employers.
n e w p r o g r a m a r e a s
Given freedom, the
American people will flourish.
Given the Cato Institute, the
American people will, in
time, secure freedom.
g e o rg e F. w i l l
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A Cato research program devoted to Labor and Employment Studies will expose
the hidden costs of outmoded labor regulations, make the case against new laws that
would hamstring our dynamic labor markets, and shift the debate toward a new
appreciation of flexible, market-oriented workforce policies.
money and banKing: History has shown that predictable, stable currency
is the bedrock on which entrepreneurial creativity and economic dynamism rest. As
capital markets become more sophisticated, they are simultaneously more essential
to the functioning of a complex economy and more vulnerable to a political class
that reflexively seeks to control that which it doesnt understand. A Cato research pro-
gram on Money and Banking would bring aboard analysts devoted to critiquingFed policy, securities regulation, insurance regulation, and international monetary
policy. In a time of new regulatory threats, Cato needs new analysts who can explain
the value of free flows of capital and the burdens imposed on markets by counterpro-
ductive regulation.
Key to Catos expansion isrevamping and enlarging the
F. A. Hayek Auditorium. The
new Hayek Auditorium will be
able to better accommodate
conference attendees with an
increased capacity of 210 seats,
more comfortable seating, and
an expanded pre-function area
to welcome visitors and event
guests. In addition, the F. A.
Hayek Auditorium will offer
the latest in conference telecom-
munications technology as well
as improved facilities to better
allow members of the press and
their camera crews to broadcast
the Institutes activities.
a n e x p a n d e d
F. a . h a y e K
a u d i t o r i u m
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regulatory aFFairs speCialists: Today, there is no greater impedi-
ment to American prosperity than the immense body of regulations chronicled in
the Federal Register.While the Washington policy debate focuses on the federal budget,
the off-budget costs of regulatory mandates too often get overlooked. Federal environ-
mental, safety and health, and economic regulations touch virtually every area of
American life, and the costs they impose are staggeringin some estimates surpassing
the toll taken by the federal income tax.
But our burgeoning regulatory state threatens far more than our prosperity. Its
also a serious threat to the rule of law. Remarkable as it is to contemplate, the fact is,
most of the actual law in this countrythe rules that citizens have to follow, at pain
of fine or imprisonmentis generated by unelected administrative agencies, usingbroad authority unconstitutionally delegated by Congress. The result is a regulatory
code thats literally unknowable, and that brings with it an enormous concentration
of unaccountable power. Cato needs to bring additional scholars on board to expose
these hidden costs, and the threats they represent to American self-government.
environmental studies: Cato has done valuable work in the areas
of natural resource regulation and climate change policy, fighting off efforts at
The Policy Center will be aredesign of the Institutes cur-
rent F. A. Hayek Auditorium.
This new facility will be a state-
of-the-art classroom with seat-
ing for up to 60 people. It will
be an ideal venue for intern
seminars and student pro-
grams, scholar lecture series,
visiting dignitaries, overflow
space for large conferences,
and informal forums and meet-
ings. With the expansion of
our policy program, the Policy
Center will be able to accommo-
date all of our scholars, analysts,
and research assistants in our
monthly policy staff meetings.
r i C h a r d a n d
s u e a n n m a s s o n
p o l i C y C e n t e r
8/9/2019 Capital Campaign Prospectus
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price controls, debunking the bad science surrounding renewable energy schemes, and
demonstrating that the case for alarm regarding climate change is grossly overstated. But
environmental policy is increasingly becoming the central regulatory battleground, and
we cannot play the role we need to play in that fight without new analysts who can cover
areas such as clean air regulations, endangered species, and sustainable development.
an expanded Center For Constitutional studies: Surveying
the American scene early in our history, Alexis de Tocqueville wrote that "scarcely any
political question arises in the United States that is not resolved, sooner or later, into a
judicial question." But even Tocqueville could not have imagined how those judicial
questions would multiply over the next two centuries. As government has grown to reg-ulate nearly every aspect of American life, its essential that our courts play their intend-
ed role as the bulwark of our liberties, in Madisons phrase.
Cato established its Center for Constitutional Studies in 1989 to examine the courts
work critically, in light of Americas first principles as set forth in our founding docu-
ments, and to lay the intellectual groundwork for restoring firm limits to government
power. But, in part because of laws growing complexity, the Centers limited staff can-
not give a number of important subjects the coverage they deserve. A larger staff would
allow the Center to better address government overreaching in telecommunications,
medicine, financial markets, family relations, education, immigration, trade, intellectual
property, and more. As many Americans are coming to recognize, restoring a constitu-
tional culture is more urgent now than ever beforeand Catos Center for Constitutional
Studies has a vital role to play in that restoration.
CommuniCations Freedom: A free people and a free society require
media free from government control. Yet self-styled champions of the public interest
are mounting frontal assaults and indirect attacks on Americans freedom of speech.
Campaign-finance restrictionists are fighting to curtail participation in electoral
debate through limits on fundraising for broadcast ads; others seek a revitalized
Fairness Doctrine, which will chill talk radio and other forms of political speech. A
Cato project on Communications Freedom will seek to wall off the internet from the
There is noinstitution that
person for per son,dollar fordollar, idea foridea, has beenevenclose to thCatoInstitutein advancing fundamental principles.
F r e d e r i C K w. s m i t hCeo, F e C .
8/9/2019 Capital Campaign Prospectus
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anti-speech regulatory system currently governing other media and work to hem in the
FEC and the FCCs power, with the ultimate goal of shuttering the agencies entirely.
government transparenCy: Information technology has delivered
change, openness, and efficiency in sector after sector of American societyyet govern-
ment remains one of the last bastions of closed management and poor accountability.
A burgeoning new movement for government transparency promises to change that,
and Cato scholars should be at the forefront.
A Cato research program devoted to Government Transparency will promote
Freedom of Information Act reform, checks on government surveillance, and expo-
sure of all government processes on the Internet through freely accessible databases.With the decline of formal media like newspapers (which have so often been captured
by pro-government partisans), the future of government oversight belongs to individ-
uals and groups who recognize that corruption thrives in a culture of secrecy. While
Cato continues to defend formal, constitutional limits on government, its Project on
Government Transparency will complement that effort by fostering the information
infrastructure that strengthens informal checks on government power.
adjunCt sCholars and visiting Fellows program: Cato plans to
intensify its efforts to recruit leading thinkers to affiliate with us as Cato Fellows,
strengthening the Institutes reputation as the institutional center of the classical
liberal vision, which transcends the current, stale divide between left and right. To
integrate these scholars work into the Institutes output, we will disseminate their
academic work in formats accessible to policymakers, journalists, and the general
publicsignificantly increasing, at minimal expense the amount of top-quality empir-
ical research that Cato injects into the ongoing policy debate.
A key part of this effort will be the creation of a Visiting Fellows program. Cato-
affiliated academics on sabbatical will be able to work at the Institute for a semester or
year, focusing not only on their own research projects but also serving as in-house
experts and promoters of Catos mission during their tenure here.
Anyonewho fights for
the future,livesin it today.a y n r a n d
8/9/2019 Capital Campaign Prospectus
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budgeting For the Common deFense: Over the last decade, the
Pentagons budget has grown by nearly 50 percent, even excluding the costs of our two
ongoing wars. Today, America accounts for almost half of the worlds military spend-
ing, despite the lack of any conventional threat or genuine superpower competitor. A
defense budget that actually aimed at defense would make real cuts, shedding our out-
dated, Cold Warera military commitments, and adopting a force structure appropri-
ate for the foreign policy of a constitutional republic. Bringing aboard additional
experienced scholars to examine existing and proposed weapons systems and defense
policies will help Cato build the intellectual case and political will for right-sizing
one of the largest items in our outsized federal budget.
bioethiCs studies: If the 20th century was the century of physics, the 21st
will be the century of biologyand of biotechnology. Congress and regulatory agen-
cies will be asked to make decisions on issues ranging from human cloning and stem-
cell research to genetic engineering, organ transplants, assisted suicide, and genetical-
ly altered food and plants. Anti-market crusaders, vested interests, and some religious
activists will seek to influence debate and policymaking on all of those issues. Cato
Made possible through the
generosity of longtime Cato
Club 200 member George
Yeager, the Yeager Conference
Center will be a new facility in
the Institutes expanded head-
quarters. The Center will
accommodate approximately
200 people for sit-down lunches
and will have the capability to
transform into three separate
lecture halls for smaller
conference venues.
g e o r g e
m . y e a g e r
C o n F e r e n C e
C e n t e r
8/9/2019 Capital Campaign Prospectus
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policy work in Bioethics will focus on ensuring that those crucial matters arent decid-
ed solely by pro-regulation forces.
sCienCe and risK studies: Expenditures on risks that are tiny or
chimerical reduce health by slowing economic growth, the driving force behind longer
and healthier lives. The public debate often suffers from an insufficient appreciation
of those tradeoffs. A Cato research program in Science and Risk Studies will meet that
need by exposing questionable science, examining the use and misuse of statistical
analysis by regulatory bodies, shedding light on the opportunity costs associated with
government risk assessment decisions, and identifying new nonpolitical bodies better
suited to making risk assessments. The programs overarching goal will be to exploreways to move risk decisionmaking out of the government and into the market.
international studies sCholars: Every region of the world has seen
an increase in economic and other freedoms during the current era of globalization.
The policies that lead to prosperity and a free society are not a mystery, but successful
implementation of those policies differs from country to country, and sound analysis
aimed at enhancing human liberty calls for scholars with regional expertise. For
instance, Chinas emergence as a global economic power is one of the most conse-
quential geopolitical developments of the past 30 yearsand libertys future depends
With the expansion, Cato will
offer its scholars and visitors
a leading classical liberal library
in Washington, D.C. The
library will feature the Roy A.
Childs Jr. Collection of books
and papers on economics,
philosophy, and history.
In addition, the Library will
provide advanced research
technologies, reference works,
papers, and other tools for pub-
lic policy study. It will serve as
an essential resource and work-
ing space for the Institute.
me lvyn
j a y K u s h n e r
l i b r a r y
8/9/2019 Capital Campaign Prospectus
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on Chinas becoming a peaceful, market-oriented society undergirded by the rule of
law. The addition of a full-time China scholar will greatly help Cato aid that transition.
Moreover, other regional scholars devoted to Latin America, sub-Saharan Africa,
and the Middle East can help elevate Catos unique perspective on development
issuesone that recognizes the poisonous, kleptocrat-empowering consequences of
foreign aid and the benefits of free and open economiesto the central place it
deserves in the debate over policy toward the developing world.
drug poliCy studies/penal Code reForm: The United States locks up
more people per capita than any other country in the worlda huge percentage of
them nonviolent drug offenders. Americas Drug War has caused untold damage tolife, liberty, and property. Yet today the prospects for drug policy reform look better
than they have for decades. In recent years, 15 states have legalized medical marijua-
na, and recent polling data shows the publics increasing receptiveness toward decrim-
inalization. Catos existing Project on Criminal Justice could help capitalize on those
trends by hiring new analysts devoted to drug policy and federal penal code reform.
the young leaders program: Liberating the future depends upon convinc-
ing the next generation of the importance of limited government, peace, and free enter-
prise. Friends of liberty face some serious challenges on that front: collectivist bias in aca-
demia remains rampant, and polls show that younger voters are substantially more likely
to support universal health care, labor unions, and federal education spending.
Cato needs to step up its efforts to identify and develop young classical liberal tal-
ent. Our intensive educational internship program is designed to cultivate the next
generation of pro-freedom opinion leaders by selecting talented young people and giv-
ing them the intellectual ammunition and communications skills they need to make
the case for a free society. With additional resources and new facilities, Cato plans to
expand that program. We will also extend the reach of our youth-oriented website,
Catooncampus.org; continue to work closely with Students for Liberty; and help
students across the globe connect with other like-minded individuals who want to
explore the ideas of liberty not often presented by their teachers and professors.
8/9/2019 Capital Campaign Prospectus
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t h e n e e d t o a C t
i deas have consequences, and the idea of liberty has changed the course of civiliza-tion. None of the worthy concerns that attract philanthropic support can ever befully and effectively addressed without sustaining the engines of wealth, creativity, and
personal fulfillment that follow from economic and social freedom. Nothing we have
achieved in this world would have been possible without the social and economic liber-
ties afforded by sacrifices from past generations. Nothing that we hope our children and
grandchildren will achieve is possible without commitment from the present genera-
tion. Simply put, liberty is the necessary prerequisite for the betterment of mankind.
For liberty to survive and expand in the 21st century, however, its proponents must emu-
late the spirit our forefathers demonstrated when they pledged nothing less than theirlives, fortunes, and sacred honor to the cause of freedom more than two centuries ago.
The Cato Institute takes its name from Catos Letters, a series of pamphlets that cir-
culated widely in the American colonies in the middle of the 18th century. Historians
credit Catos Letters with providing the philosophical underpinning that helped make
the American Revolution possible. As Thomas Jefferson wrote to John Adams in 1815:
What do we mean by the Revolution? The War? That was no part of the Revolution:
it was only an effect and consequence of it. The Revolution was in the minds of the peo-
ple, and this was effected, from 1760 to 1775, in the course of fifteen years before a dropof blood was shed at Lexington.
It was, Jefferson said, the public debatein the colonial legislatures, in the pam-
phlets, the newspapers in all the coloniesthrough which public opinion was enlight-
ened and informed about the blessings of liberty and the dangers of powerthat was
the real American revolution.
Catos campaign for Liberating the Future will carry on that revolution, ensuring that
the libertarian ideals of the American Founding prevail in the 21st century. We invite you
to join us in this noble campaign.
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1 0 0 0 m a s s a c h u s e t t s a v e n u e , n W W a s h i n g t o n , d c 2 0 0 0 1
future T H Eliberating