Pope pushes on with Vatican financial reforms

Friday marks the second anniversary of the election of Pope Francis. In just two years, he’s credited with breathing new life into the Catholic Church with his focus on reform and repairing the church’s reputation.

One priority has been cleaning up the Vatican Bank, created during World War II to manage money for the Catholic Church. Over the years it became mired in allegations of money laundering and tax evasion.

“So far, he’s been the new sheriff in town,” says Gerald Posner, author of the book “God’s Bankers: A History of Money and Power at the Vatican.” “He’s really passing reforms that—if he’s there long enough—will change this bank into a boring, mid-level, sort of government bank, and the wild, crazy days of the past will be over.”