The Vatican announced on Tuesday that Cardinal Kevin Farrell will lead a new committee to supervise investments.
A committee of four finance specialists will be led by the 74-year-old Irish-American cardinal.
Since 2020, Farrell has also served as the chair of a body charged with overseeing internal Vatican financial decisions that are not subject to other standards of accountability.
The investment committee was created under the Vatican’s new constitution, Praedicate evangelium, to ensure “the ethical nature of the Holy See’s movable assets in accordance with the Church’s social philosophy, as well as their profitability, appropriateness, and riskiness.”
On June 5, the feast of Pentecost, the apostolic constitution took force.
Cardinal Farrell, who has led the Dicastery for Laity, Family, and Life since 2016, is in charge of planning the World Meeting of Families, which will take place in Rome from June 22 to 26.
In 2019, Pope Francis named the former Dallas bishop as the apostolic chamber’s camerlengo, or chamberlain.
The camerlengo’s tasks include overseeing the preparations for a papal conclave and managing the Holy See’s administration between the death or resignation of a pope and the election of a new pope.
John J. Zona, Boston College’s chief investment officer, will join Farrell on the investment monitoring committee.
Jean Pierre Casey, founder and CEO of RegHedge; John Christian Michael Gay, managing director of Union Investment Privatfonds GmbH; and John Christian Michael Gay, managing director of Union Investment Privatfonds GmbH, are the other members of the committee.