Trump nominates finance CEO Frank Bisignano to lead Social Security Administration
WASHINGTON – President-elect Donald Trump said he's nominating financial services CEO Frank Bisignano to serve as commissioner of the Social Security Administration.
“Frank is a business leader, with a tremendous track record of transforming large corporations,” Trump said in a social media post Wednesday evening. “He will be responsible to deliver on the Agency’s commitment to the American People for generations to come!”
Bisignano currently leads the financial services and payments giant Fiserv, one of the largest financial software companies in the country.
He’s previously held executive leadership positions at major banks including JP Morgan Chase and Citigroup.
If confirmed by the Senate to lead the Social Security Administration, Bisignano will face the monumental task of protecting the program's future. According to a government report, the Social Security trust fund could be depleted by 2035.
Trump on the campaign trail promised not to cut Social Security benefits, which more than 67 million elderly and disabled Americans receive. But he did not provide a specific policy proposal for ensuring the program's solvency.
In his announcement, Trump touted Bisignano’s “long career leading financial services institutions through great transformation.”
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Bisignano in 2019 helped fashion the $22 billion merger of Fiserv and the payment processing company First Data, which he led at the time.
Contributing: Ben Adler, Paste BN