Trump is betting on Fiserv CEO Frank Bisignano to lead the Social Security Administration
"He is a proven business leader with a track record of accomplishment that will benefit the American people for generations to come," the president-elect said.
A Social Security Administration building
On Wednesday, U.S. President-elect Donald Trump nominated Frank Bisignano, chief executive of financial technology company Fiserv Inc., as commissioner of the Social Security Administration (SSA).
"Frank is a business leader, with a tremendous track record of transforming large corporations. He will be responsible to deliver on the Agency’s commitment to the American People for generations to come!" Trump said in announcing the nomination via Truth Social.
Bisignano, known for his ability to transform large companies, has a distinguished track record in banking and payment systems. Before assuming leadership of Fiserv, he held executive positions at JPMorgan Chase, Citigroup and First Data Corp. Under his leadership, Fiserv acquired First Data in 2019, consolidating a payments processing giant.
Trump statement
Challenges at the helm of Social Security
If confirmed by the Senate, Bisignano would take the helm of a central agency for millions of Americans, charged with managing Social Security funds, a system facing growing financial challenges. According to experts, the trust fund could run into budget deficits in the coming years, which represents a significant political risk due to the importance of this program to older voters.
However, Trump argues that his fiscal policies, including new tariffs and tax cuts, will spur the economic growth needed to fund essential programs such as Social Security.
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