Fiserv’s Bisignano Takes on New Mess: Social Security
- Fiserv’s CEO gets Trump’s nomination to lead the agency
- ‘I have no objective to cut the benefit of any American’
Frank Bisignano
Photographer: Joe Buglewicz/BloombergFrank Bisignano, the chief executive officer of financial-technology company Fiserv Inc., has long had the reputation as a fixer on Wall Street. Now, he’s being tasked with fixing one of the biggest issues the US faces: Social Security.
President-elect Donald Trump nominated Bisignano to lead the Social Security Administration, an almost 60,000-person government agency that provides benefits to roughly 71.6 million Americans. For years, management of the program has been a political football and subject of hot debate due to its cloudy future. Estimates have emerged that benefit cuts will be necessary as early as 2033, the result of a projected shortfall between the taxes that fund the program and the amount needed to pay full benefits.