Cardinals Elect New Pope, White Smoke Rises From Vatican

Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of the Church.

Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter’s Square to be presented to the world.

“May peace be with you,” the new pope told a cheering crowd waving flags.

The new pope inherits from his predecessor Pope Francis a church that is facing internal strife between progressives and conservatives over matters such as divorce and LGBTQ+ issues, while trying to navigate geopolitical tensions from Russia’s war in Ukraine to the conflict in the Middle East.

Bloomberg's Zoe Schneeweis reports.

It took only two days to reach a consensus among the Church’s electors, many of whom were appointed by Francis, suggesting the former pontiff may have helped to shape the decision.

Francis had named his future successor to the Congregation for the Clergy in 2019 and made him a member of the Congregation for Bishops in 2020.

Leo XIII was the most famous pope to carry this name. He was a progressive who helped push the church into the modern age.

This conclave has chosen a pope who has a good chance of establishing strong relations with US President Donald Trump at a time of flux in global affairs, albeit one who was an intellectual and believed in social justice.

Pope Francis, who died last month, had said he wanted to lead a “poor church for the poor,” opened discussions on topics generally considered off limits, such as the role of women and the possibility for remarried divorcees to receive communion.

He also promoted financial reforms and regulations aimed at bringing the Vatican Bank into compliance with international financial standards. He raised his voice to defend the victims of sexual scandals and to protect the planet, with the encyclical Laudato Si’.

His reforms were criticized by the most orthodox part of the church but, in some cases, also by more liberal-leaning voices who were expecting more radical changes and a tougher stance on abuses by clergy.

Rejecting the perks and privileges of his position, Francis had shunned the palatial papal apartments in favor of the Vatican guest house. Whether the new pontiff follows in his footsteps remains to be seen.

Prevost was born in Chicago but spent much of his life outside the US, mostly in Peru and Rome. In 2018 he became second vice president of the Peruvian Episcopal Conference.

He is known for his governance experience, his pragmatism, and has experience of the workings of the Vatican. He could prove to be potential interlocutor with Trump, but may clash with him on migration policies.

“What excitement, and what a Great Honor for our Country,” Trump said in a social media post. “I look forward to meeting Pope Leo XIV. It will be a very meaningful moment!”

--------

Watch Bloomberg Radio LIVE on YouTube

Weekdays 7am-6pm ET

Follow us on X

Subscribe to our Podcasts:

Bloomberg Daybreak

Bloomberg Surveillance

Bloomberg Intelligence

Balance of Power

Bloomberg Businessweek

Listen on Apple CarPlay and Android Auto with the Bloomberg Business app:

Apple CarPlay

Android Auto

Visit our YouTube channels:

Bloomberg Podcasts

Bloomberg Television

Bloomberg Originals