Bishops Pass Financial Oversight Law
With only two dissenting votes, the U.S. Conference of Catholic Bishops passed a new law at their November meeting requiring diocesan bishops to obtain approval from their diocesan finance council and college of consultors for five specific financial
- going into debt beyond $1 million for a diocese with more than a half-million Catholics, and $500,000 for dioceses with smaller populations;
- legal settlements exceeding the aforesaid amounts;
- running a business not directly related to the spiritual or charitable purposes of the Church;
- any contract or agreement that involves a potential conflict of interest for the bishop or other senior diocesan officials;
- going into bankruptcy.
The new rules now go to the Vatican for final approval before becoming Church law.