• Pope Francis died on Monday, leaving behind a legacy of reform at the $6 billion Vatican Bank. Although founded to manage clergy and church finances in 1942, for years the organization had been tied to scandals, secrecy, and catastrophic financial deals. During Francis’ tenure, the bank improved transparency and centralized control of its finances to boost regulatory oversight.

Although he was billed an anti-capitalist by some, one of Pope Francis’ key accomplishments was a financial endeavor: his reform of the scandal-plagued $6 billion Vatican Bank.

Francis, who died on Monday at age 88, sought to reform the bank and the Holy See soon after he became Pope in 2013. Although it was created in 1942 with the goal of managing funds for clergy and church organizations around the world, for years, the Institute for the Works of Religion (IOR), commonly known as the Vatican Bank, was allegedly plagued by money laundering, corruption, and even mafia connections. The Vatican Bank had holdings of 5.4 billion euros, or $6.1 billion as of 2023.

Yet, during his pontificate, Francis, the Argentina-born Jorge Mario Bergoglio, spurred changes at the bank that helped root out corruption and bring more transparency to the organization’s inner workings. Thanks to work that began under Francis’ predecessor Pope Benedict XVI, the Vatican Bank in 2013 began releasing annual reports for the first time ever outlining its profit, operational costs, and charitable giving, among other details. 

The bank’s management also got a revamp with Francis in 2014 diminishing the power of clergy members in economic affairs and appointing as head of the Vatican Bank Jean-Baptiste de Franssu, a french financier who was previously CEO of Invesco Europe. The 61-year-old de Franssu has served as president of the Vatican Bank since 2014.

Pope Francis also sought to increase transparency at the bank, complying with financial regulations and implementing stricter outside oversight during his tenure. The bank closed thousands of accounts in 2014 to bring the organization into compliance with international financial standards.

Implementing stricter control of the Holy See, Francis also ordered all Vatican departments to close their investment accounts and send their funds to the Vatican Bank. By centralizing the Vatican’s funds, Francis took financial power away from non-expert clergy and helped bring about stronger oversight by financial regulators of its holdings.

Pope Francis’ changes at the Vatican came in response to several scandals, including the collapse of Italy’s largest bank, Banco Ambrosiano, in which the Vatican Bank had a financial stake. The bank’s president, Roberto Calvi, was later found hanged under London’s Blackfriars bridge with pocketfuls of bricks as well as thousands in cash. Calvi had been accused of stealing millions belonging to the mafia. He was referred to as “God’s banker” because of his Vatican connections.

In addition, a Vatican financial adviser under Pope Pope Paul VI, Michele Sindona, also had ties to organized crime and dragged the Vatican into disastrous investments, including the collapse of his U.S.-based Franklin National Bank in 1974. At the time of his death, of cyanide poisoning at age 65, Sindona was serving a 25-year sentence for fraud.

Despite Francis’ efforts, the Catholic Church has still been rocked by some scandals. 

The Vatican confirmed in 2022 that two former Vatican Bank directors were convicted for malfeasance at the organization. In 2023, a Cardinal was sentenced to five-and-a-half years in prison for embezzlement.

This story was originally featured on Fortune.com

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Republican Gov. Brian Kemp’s political organization took to social media to tout his success in limiting lawsuits in a way Georgians could understand. “Thank you” its ad proclaimed, with the words blocked in the yellow-and-black all-caps style of Waffle House’s iconic sign.

Kemp, who signed two new laws overhauling Georgia’s litigation system on Monday, says the measures that business groups spent years pushing for will lower insurance costs, help businesses and improve the state’s economy. Among other things, the laws limit when businesses and property owners can be held liable for negligence and add regulations to trials aimed at lowering jury awards.

Whether the measures will actually shield businesses and doctors from frivolous lawsuits and rising insurance rates — and whether they need shielding — was the subject of tense debate this legislative session. Some experts question Kemp’s broader promise of lower insurance rates for everyone, and opponents of the new limits say some wronged Georgians will no longer get their day in court.

Flanked by some business executives, legislators and a few Home Depot workers in the Capitol, Kemp insisted Monday that the legislation will still protect people’s right to bring claims and “be made whole.”

“The comprehensive, common sense measures we proposed just a few months ago…ensured our legal environment put Georgia on equal footing with neighboring states’ that compete with us for jobs and investment,” Kemp said at a bill-signing ceremony.

Kemp’s political future

Millions of dollars were spent lobbying on both sides of the issue, which passed after Kemp used his considerable sway with the Republican-led Legislature. The win could help round out Kemp’s political resume and earn extra support from business groups as he prepares for a potential U.S. Senate or presidential run.

“If you’re talking about a national race, he needs to be able to point to a record of delivery on conservative principles, and this is a really, really big, feather in his cap,” said Republican political strategist Brian Robinson.

The overhaul is still more complicated for voters to understand than Kemp’s 2019 signature abortion bill or recent tax cuts. Kemp recognized this conundrum from the start, evoking Waffle House, an establishment beloved in Georgia, in his early speeches.

Too far or just right?

Businesses of all sizes, property owners, doctors and trucking companies have complained they’re facing lawsuits and high insurance rates that hurt their bottom line.

Some Democrats and trial lawyers who opposed the legislation said they would have been open to changes to Georgia’s laws governing lawsuits against business and property owners for failing to provide adequate security that resulted in someone’s injury or suffering. But they said one of the new laws will make it too hard to prove that property owners knew of a security risk.

“For some lawyers, it means that they’re pretty much out of business because of the extraordinary restrictions on what you can explain to the jury and how you can explain bodily injury,” trial lawyer and political analyst Madeline Summerville said.

Some of the new laws’ supporters won’t be bothered if trial lawyers lose clients. They say the laws will bring needed balance to the state’s legal system, arguing that trial lawyers exploit people’s injuries and lure them into suing, then use unfair practices in court to secure large payouts. Most Democratic lawmakers rejected that claim.

“We heard hours of heartbreaking testimony from victims who begged the legislature to reject this dangerous legislation, but Georgia Republicans did not care,” Atlanta Democratic state Rep. Stacey Evans, who is a lawyer, said in a statement. “Instead, they cruelly dismissed these victims and were all too happy to provide a free pass for large corporations to escape accountability for their negligence.”

Insurance battles

Supporters also said large payouts scare businesses and insurers away and cause rising rates. Opponents of the new law note verdicts in the millions of dollars are rare, and those over $10 million represent less than 1% of outcomes. Insurance rates are also driven by many factors, and some experts found there isn’t clear evidence from other states linking litigation systems and insurance rates.

Skeptics felt even more empowered when a Tampa Bay Times investigation uncovered a report that found insurance companies in Florida were hiding profits while claiming they were losing money. Losses by homeowners’ insurers were a key argument in Republican-led Florida’s successful push to tighten its litigation rules.

Opponents of Florida’s overhaul say insurance rates haven’t dropped, while supporters say they’ve stabilized and that it will take time for people to see further improvements.

The new Georgia legislation will also make structural changes to trials and add restrictions and requirements for how lawyers can make their cases. In addition, one of the bills will regulate third-party litigation funders.

“We knew that accessible, measured lawsuit reform was needed to restore stability to our insurance markets and balance to our courtrooms,” said Republican House Speaker Jon Burns.

This story was originally featured on Fortune.com