US President-elect Trump (Trump) announced on Wednesday (December 4) that he has selected Frank Bisignano, Chief Executive Officer of the financial data services company Fiserv, to manage the Social Security Administration (SSA).
Trump posted on the social platform Truth Social, stating, “Frank is a business leader with rich experience in transforming large companies. He will be responsible for fulfilling the institution’s commitment to generations of Americans!”
Bisignano previously served as Chief Operating Officer at JPMorgan Chase and held multiple executive positions at Citigroup.
Fiserv is one of the largest payment and financial technology companies in the United States. In 2019, the company acquired First Data for $22 billion, creating today’s payment processing giant.
According to Bisignano’s biography on the Fiserv website, he initially led the merged company as President and Chief Operating Officer, then became CEO in July 2020, and Chairman of the Board in May 2022.
Fiserv’s stock price has risen by over 60% this year, with a market capitalization exceeding $122 billion.
Bisignano is the second financial technology CEO nominated by Trump on Wednesday. Trump previously appointed Jared Isaacman, founder and CEO of Shift4 Payments, to lead NASA.
If confirmed by the Senate, Bisignano will lead the agency responsible for managing the Social Security program. The Social Security Administration has long been facing budget deficits, but reforming it carries high political risks because the elderly Americans benefiting from these payments are a significant voting group.
During the campaign, Trump promised not to tax Social Security benefits, which would benefit some American seniors but could reduce the trust fund’s revenue, affecting future benefits for non-retirees.
Social Security has been running deficits for years. During the 2020 election, a report by the bipartisan Policy Center stated that the trust funds paying retirement benefits would be depleted within 10 years, even under the most optimistic economic forecasts, possibly exhausting funds by 2034.
Trump stated that his tariffs would bring in new revenue for the federal government, while tax cuts would stimulate economic growth.
Bisignano is a donor to the Republican Party. He supported former Florida Governor Jeb Bush and Senator Marco Rubio in 2016 but shifted his support to Trump in 2019, making donations to Trump’s campaign team.