The Cato Institute is an American libertarian think tank headquartered in Washington, D.C. It was founded as the Charles Koch Foundation in 1974 by Ed Crane, Murray Rothbard, and Charles Koch, chairman of the board and chief executive officer of the conglomerate Koch Industries. In July 1976, the name was changed to the Cato Institute. Cato was established to have a focus on public advocacy, media exposure and societal influence. According to the 2014 Global Go To Think Tank Index Report (Think Tanks and Civil Societies Program, University of Pennsylvania), Cato is number 16 in the "Top Think Tanks Worldwide" and number 8 in the "Top Think Tanks in the United States". Cato also topped the 2014 list of the budget-adjusted ranking of international development think tanks.