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Deals & People December 6, 2024
Trump Taps Fiserv CEO Frank Bisignano for Social Security Administration Commissioner
Bisignano’s background signals he will be more focused on seeking efficiencies and administration than any policy reform efforts.
Reported by Natalie Lin
President-elect Donald Trump announced plans to nominate Frank Bisignano, CEO of fintech and payments company Fiserv, as commissioner of the Social Security Administration.
“Frank is a business leader, with a tremendous track record of transforming large corporations,” Trump wrote in a Truth Social post Wednesday evening. “He will be responsible to deliver on the Agency’s commitment to the American People for generations to come!”
Bisignano currently serves as chairman, president, and CEO of Fiserv, a global provider of financial technology and services to institutions such as banks, credit unions, and insurance agencies.
Before joining Fiserv, Bisignano held leadership roles at JPMorgan Chase, Morgan Stanley, Citigroup and Shearson Lehman Brothers. He became CEO of payments processor First Data Corp., which Fiserv acquired for $22 billion in 2019.
Trump had not yet formally nominated Bisignano to the Social Security Administration post that was held until last month by former Maryland Governor Martin O’Malley, who resigned to seek the chairmanship of the Democratic National Committee. The Social Security position requires Senate confirmation.
Andrew Biggs, a senior fellow at the American Enterprise Institute, views Bisignano’s nomination as consistent with Trump’s stance.
“Bisignano’s professional background is that of an executive who would administer an agency, not a public policy expert who would advocate broader changes to the program,” Biggs says. “The Social Security Administration in general is a service agency, focused on paying ‘the right check to the right person at the right time.’”
Biggs notes that the new commissioner’s primary challenges would likely be administrative rather than policy-driven, such as improving service delivery, expediting disability applications or reducing improper payments.
“I anticipate that Bisignano would focus on administrative priorities rather than Social Security reform,” Biggs adds.
Trump praised Bisignano’s “long career” in financial services, citing his leadership at major institutions and extensive experience in fintech innovation. If confirmed, Bisignano will oversee an agency tasked with managing benefits for millions of Americans, amid ongoing debates over the program’s future funding and structure.
When asked about potential impacts on retirement planning, economist Biggs said the Social Security Administration could take steps to integrate benefit estimates with private retirement projections regulated by the Department of Labor.
“There are things the Social Security Administration might do to make retirement planning easier,” Biggs says. “But that would depend upon the commissioner’s interests and priorities.”
