President-elect Trump late Wednesday nominated Frank Bisignano, CEO of the financial software giant, to head the Social Security Administration (SSA) in his second administration.
“Mr. Frank is a business leader with a tremendous track record of transforming large companies,” President Trump wrote. Post to Truth Social. “He will be responsible for carrying out the agency’s commitment to the American people for generations to come!”
Mr. Bisignano is currently the CEO of fintech and payment processing company Fiserv. Previously, he served as Chief Operating Officer of JPMorgan Chase & Co.
In his announcement, President Trump said the businessman had a “long career” leading various financial services through “major changes.”
The president-elect promised to cut Social Security taxes during his campaign. But experts have expressed concerns about the cost of eliminating the income tax on Social Security checks and the program's fiscal impact.
The combined retirement and disability benefit trust fund under the SSA is expected to be depleted in 2035. But experts warn that Trump's proposal could deplete the fund by 2031 and increase the agency's deficit by $2.3 trillion.
By his late 20s, Bisignano had secured one of the most coveted positions in New York's financial world. He became senior vice president of the former Shearson Lehman Brothers, an investment bank that went bankrupt in 2008, triggering the recession. The New York Times reported.
He was named the second-highest paid CEO in the United States in 2017, earning more than $100 million that year. He earned more than 2,000 times the salary of the average employee he supervised. Previous Times analysis found.
Bisignano has a history of donating to Republican candidates, including former New Jersey Gov. Chris Christie, who ran against Trump in the 2016 and 2020 presidential elections, the Times reported.
