Senator Marsha Blackburn, R-Tenn., breaks down bipartisan legislation seeking to protect seniors from dating app scams and Elon Musks efforts with DOGE to halt fraud in Social Security, Medicare and Medicaid.
President Donald Trump’s nominee to serve as the commissioner of the Social Security Administration (SSA) is testifying before the Senate Finance Committee on Tuesday for his confirmation hearing.
In December, Trump nominated Fiserv CEO Frank Bisignano to serve as the leader of Social Security, before the president was inaugurated for his second term.
At the time, Trump wrote in a post on Truth Social that Bisignano has had a “long career leading financial services institutions through great transformation,” and that he “will be responsible to deliver on the Agency’s commitment to the American People for generations to come!”
Bisignano has been the CEO of the financial payments technology firm since 2020, and over the last five years, Fiserv’s stock has more than doubled, rising by over 137% in that period.
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President Donald Trump nominated Fiserv CEO Frank Bisignano to serve as commissioner of the Social Security Administration. (Owen Hoffmann/Patrick McMullan via Getty Images / Getty Images)
Before Bisignano became Fiserv’s CEO, he was the CEO of First Data Corp., which merged with Fiserv in 2019. He led First Data’s $2.6 billion IPO in 2015.
Earlier in his career, Bisignano worked as the co-chief operating officer of JPMorgan Chase, as well as the firm’s CEO of mortgage banking. While at JPMorgan, Bisignano helped the firm integrate Bear Stearns and Washington Mutual after the firm acquired the distressed financial institutions. He also led negotiations for JPMorgan’s acquisition of its Canary Wharf property in London.
He also previously worked in senior roles at Citigroup, serving as the firm’s chief administration officer as well as its CEO of its global transaction services unit during his tenure.
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Frank Bisignano led First Data to its IPO in 2015. (Yana Paskova/Getty Images / Getty Images)
Republican senators have touted Bisignano’s private sector experience as being an asset to the Social Security Administration.
Senate Finance Committee Chairman Mike Crapo, R-Idaho, said that Bisignano’s “decades of leadership in the private sector, specializing in financial services and payments, make him exceptionally qualified for the task ahead.”
Democratic senators are expected to press Bisignano on the Trump administration’s plans for Social Security. Senate Finance Committee Ranking Member Elizabeth Warren, D-Mass., and Sen. Ron Wyden, D-Ore., sent Bisignano a letter seeking assurances the White House would not look to privatize Social Security and that he would refrain from closing the agency offices that would increase travel times for beneficiaries.
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Warren and Wyden also asked Bisignano to reverse layoffs at the agency that led to increased customer service wait times for beneficiaries and undo the rule requiring phone applicants to verify their identity in person. They also asked if he would remove individuals allied with Department of Government Efficiency leader Elon Musk.
Acting Social Security Administration Commissioner Lee Dudek is expected to continue leading the agency on an interim basis pending the Senate’s confirmation of Bisignano to the role.
