Trump names financial tech CEO to lead Social Security

President-elect Donald Trump announced Wednesday that he has chosen financial technology executive Frank Bisignano to serve as commissioner of the Social Security Administration, raising new questions about the future of the beleaguered agency.

“Frank is a business leader, with a tremendous track record of transforming large corporations,” Trump wrote in a post on Truth Social. “He will be responsible to deliver on the agency’s commitment to the American people for generations to come!”

Bisignano is CEO of Wisconsin-based financial technology firm Fiserv and a major Republican donor. He also previously worked at both Citigroup and JPMorgan Chase. Trump has not yet formally nominated Bisignano to the post held until last week by Martin O’Malley and which requires Senate confirmation. 

In a statement Thursday, Bisignano touted his experience managing financial services used by major banks and other financial institutions as pertinent to his proposed new job. He said he would remain in his current position in industry until he is confirmed.

“Serving as CEO of Fiserv is an honor and I am incredibly proud of what our team has and will accomplish,” he said. “[I] thank President-elect Trump and, if confirmed, look forward to applying my experience to transform our social security system.” 

But his reported approach to workforce issues could be of concern to employees who are already experiencing titanic workloads borne by the agency reaching its lowest staffing levels in half a century this fall. Fiserv has reportedly gone through several rounds of layoffs in recent years, and in 2022 PaymentsDive reported that the company particularly targeted people who had been previously allowed to work remotely in the cutbacks.

The American Federation of Government Employees SSA General Committee took a measured approach in a statement Thursday, defending the workforce’s recent progress on customer service metrics and offering to work with Bisignano if he is confirmed.

“A new commissioner will arrive at SSA after historic improvements made under former Commissioner O’Malley in cooperation with AFGE, including a 6.2% improvement in productivity, as well as increased employee morale and engagement,” the group wrote. “AFGE stands ready to work in good faith with a new commissioner who will reciprocate and who will honor their legal and contractual obligations with the union and the employees . . . Retaining talent and improving workforce morale should be goals we can work towards together.”

And outgoing Senate Finance Committee Chairman Ron Wyden, D-Ore., indicated that he wants assurances from Bisignano that he would protect the agency’s workforce from further job losses.

“Millions of Americans count on Social Security to deliver defined benefits they earned by paying into the program out of every paycheck,” Wyden said. “SSA ensures all benefits go out in full and on-time with the help of thousands of field offices across the country and a customer service operation in dire need of an update into the 21st century. I’m eager to learn how Mr. Bisignano’s plans to ensure Social Security benefits are delivered without issue amid Trump’s threats to gut the federal workforce.”