President-elect Donald Trump announced his intention to nominate Frank Bisignano, chief executive officer of fintech and payments company Fiserv, 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!” wrote Trump in a Truth Social post on Wednesday evening.
Along with his role as CEO, Bisignano is the chairman and president of Fiserv Corporation, which provides financial technology and services to banks, credit unions, securities broker dealers, insurance agencies, and more.
In his announcement, Trump applauded Fiserv for his “long career” working in financial services institutions. Prior to Fiserv, Bisignano was co-chief operating officer and chief executive officer for mortgage banking at JPMorgan Chase, until he left the first to head payments processor First Data Corp. Fiserv would later acquire First Data for $22 billion in 2019.
Bisignano also served in roles at Morgan Stanley, Citigroup, and Shearson Lehman Brothers, the investment bank that collapsed in 2008 and helped jumpstart a nationwide market crisis and recession.
If confirmed by a majority of the Senate, Bisignano would head one of the largest U.S. agencies facing insolvency by 2035. Trump has already stated during his campaign trail that if elected, he would end the tax on Social Security benefits. However, an analysis by nonpartisan Committee for a Responsible Federal Budget (CRFB) warned that if his pledges are enacted, it could reduce the insolvency window by three years while increasing the reduction of benefits and adding $2.3 trillion to the country’s deficit.
Instead of a 23% reduction in benefits forecasted by the Congressional Budget Office back in August, Trump’s agenda would bump the cut up to 33%. This means that the average 2024 monthly Social Security benefit check of $1,907 would be reduced by $629 per month to $1,278.
“President Trump’s proposals to eliminate taxation of Social Security benefits, end taxes on tips and overtime, impose tariffs, and expand deportations would all widen Social Security’s cash deficits,” the CRFB report said.
SEE ALSO:
Group Warns on ‘Cost of Doing Nothing’ About Social Security
Second Trump Presidency: End of Tax on Social Security Benefits?
Trump Social Security Plan Would Hike Benefit Cuts, Speed Up Insolvency: CRFB Analysis
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
