UPDATE: In a significant move, Pope Leo XIV has officially canceled a controversial fundraising commission established during Pope Francis’ hospitalization. The decision, announced on Thursday, comes as the Pope aims to rectify financial missteps and restore credibility to the Vatican’s financial practices.
The Pope has formally suppressed the special Holy See fundraising commission, abrogated its statutes, and dismissed all members involved. This comes in response to widespread criticism following the commission’s formation on February 26, 2023, while Francis was battling double pneumonia. The Vatican’s announcement raised eyebrows, particularly regarding the concentration of power within the Secretariat of State, which has faced scrutiny in the past due to a major financial scandal involving a $684 million loss from a London property deal.
The commission, which included only Italian members with no professional fundraising experience, was seen as a questionable move, especially with the absence of Americans on the board, despite the U.S. being the Vatican’s largest donor. Critics argued that the timing of the commission’s announcement suggested an attempt by the Secretariat of State to gain access to unchecked funds while the Pope was incapacitated.
In a decisive response, Pope Leo XIV declared that all assets from the now-defunct commission would revert to the Holy See, with the Vatican patrimony office tasked with overseeing its dissolution. A new working group will be established to devise fundraising proposals and an appropriate structure moving forward, with members to be handpicked by the Pope himself.
This decree signifies a critical step in addressing the financial challenges facing the Holy See as it approaches the end of the year. As Leo XIV works to fulfill Francis’ Holy Year obligations, he is also looking ahead to prioritize his agenda, which includes enhancing financial transparency and accountability for wealthy American donors who have expressed concerns over the Vatican’s financial governance.
The Pope’s swift action emphasizes the urgency of restoring trust and financial integrity within the Vatican, making it clear that the era of questionable financial practices is coming to an end. With donations being a vital revenue source for the Holy See, the focus on credible and qualified leadership in fundraising efforts is more crucial than ever.
As this situation develops, observers worldwide will be watching closely for further reforms from Pope Leo XIV that could reshape the Vatican’s financial landscape.
Stay tuned for more updates on this evolving story as the Pope navigates the complexities of the Holy See’s finances.
