Pope Leo XIV Is Starting To Correct Some Of Francis' Financial Decisions

Pope Leo XIV has begun correcting some of Pope Francis' more questionable financial reforms and decisions, canceling a law Monday that had concentrated financial power in the Vatican bank.

Leo completely abrogated the 2022 law that had decreed that management of the Holy See's assets was the “exclusive responsibility” of the Institute of Religious Works, or IOR.

The new law says the Holy See generally does use the IOR, but can turn to non-Vatican banks in other countries if the Vatican's investment committee “deems it more efficient or convenient” to do so.

The law was the clearest sign yet that Leo is starting to correct some of Francis' more problematic decisions and is recalibrating the powers in the Vatican, after Francis tended to lean heavily on the advice of the IOR.

The 2022 law had taken many in the Vatican by surprise since it appeared to contradict the Holy See's founding constitution, according to which the patrimony office APSA is responsible for administering the Vatican's real estate and financial holdings.

It was the second significant move that Leo has taken in as many weeks to rejigger some of Francis' decisions. On Sept. 27, Leo removed a top administrator in the Secretariat of State and sent him to Paris to serve as ambassador to UNESCO.

Monsignor Roberto Campisi had been close to Francis, such that the late pope made him president of a new fundraising commission that was formed to drum up donations for the cash-strapped Holy See.

The commission's statutes and members were announced while Francis was in the hospital, on Feb. 26, and included only Italians with no professional fundraising experience.

The lack of qualified fundraisers and absence of any Americans immediately discredited the commission, since Americans are among the biggest donors to the Holy See, but also demand levels of transparency and accountability that the Vatican hasn't always followed.

The new law was announced on the same day that Leo met with the Knights of Columbus, the influential U.S. Catholic charitable organization that is a major donor to the Holy See. In his remarks, Leo thanked the knights for their latest charitable project: the restoration of Bernini's baldacchino canopy over the altar of St. Peter's Basilica.

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