Pope Francis strips Vatican Secretariat of State of assets in reform move While the Secretariat of State’s power will still be considerable, the new decree increases the power of other Vatican agencies. In this Dec. 21, 2020, file photo, Pope Francis exchanges holiday greetings with Vatican employees in the Paul VI Hall at the Vatican. Francis has formally stripped the Vatican Secretariat of State of its financial assets and real estate holdings after its bungled management of hundreds of millions of euros in donations and investments. (AP Photo/Gregorio Borgia, file) December 29, 2020 VATICAN CITY (RNS) — Pope Francis continued his cleanup of Vatican finances by stripping the powerful department of the Secretariat of State of its financial assets, the Vatican announced Monday (Dec. 28). The funds had come under scrutiny in 2019 after a questionable investment in luxury apartments in London.