"VATICAN CITY -- 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 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."
"In his first-ever executive decree, Leo published a new law Monday that 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 fix some of Francis' more problematic decisions and is recalibrating the Vatican's centers of power, after Francis tended to lean heavily on the advice of the IOR and its top manager."
"The 2022 law had taken many in the Vatican by surprise since it appeared to contradict the Holy See's founding constitution. The constitution says the patrimony office, APSA, is responsible for administering the Vatican's real estate and financial holdings. Even Francis realized the problem and had intended to fix it, Vatican officials said, but died in April before he could."
Leo abrogated the 2022 law that had concentrated management of the Holy See's assets in the Institute of Religious Works (IOR), restoring the Holy See's ability to use non‑Vatican banks when the Vatican investment committee finds that more efficient. The decree signals a recalibration of Vatican financial governance and a reduction in centralized power at the IOR after prior heavy reliance on its leadership. The 2022 law appeared to conflict with the Holy See's constitution assigning APSA responsibility for patrimony and financial holdings. Leo also reassigned Monsignor Roberto Campisi from a Secretariat of State role to serve as ambassador to UNESCO.
Read at ABC7 Los Angeles
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