Letter underscores the need for a new global regulatory regime that can better serve the common good.

Washington, DC – Catholics United executive director, James Salt, issued the following statement today in response to the Vatican's call for dramatic reform of the world's financial system:

“Catholics United is encouraged by today's statement from the Vatican which calls for greater solidarity in the world's financial regulatory system. The Vatican rightly points out that the current global economic system lacks sufficient safeguards for the common good and calls for greater taxation of financial transactions. This analysis reflects a radical critique of existing financial norms. At a time when income disparity is at an all time high, we call on bishops from across the United States to seriously examine this letter and issue similar statements.”

Unofficial Translation of the Vatican Statement on Financial Regulatory Reform