Read the text and determine if the sentence is true (see options at the end):

As the C.D. Howe Institute notes, the tendency to employ this kind of one-time initiative to lower the reported surplus has the effect of biasing initiatives against tax cuts and into program spending and, in particular, into program spending of the type that can be delivered through some sort of foundation or fund.

Sentence: The C. D. Howe Institute did not exist yet in 1965.
Available options:
 1). Yes
 2). It's impossible to say
 3). No