Pope Leo XIV, the first person from the United States to lead the Catholic Church, is taking on a financial headache in his new position. White smoke billowed from the Vatican at about 6 p.m. on Thursday as the papal conclave made its decision about who should become the leader of the Catholic Church.

Prevost, a member of the Augustinian religious order, lived for years in Peru first as a missionary and then as an archbishop. Pope Francis brought him to the Vatican in 2023 as the powerful head of the office that vets bishop nominations. This story will be updated throughout the day. Check back later for more information.