President-elect Trump appointed financial software executive Frank Bisignano late Wednesday to head the Social Security Administration (SSA) in his upcoming administration.
“Frank is a proven business leader with an exceptional record of transforming major corporations,” Trump announced on Truth Social. “He will ensure the Agency delivers on its commitment to the American People for generations to come!”
Bisignano, the current CEO of fintech and payment processing company Fiserv, previously held the role of chief operating officer at JPMorgan Chase.
In his statement, Trump emphasized Bisignano’s extensive experience leading financial organizations through periods of significant change.
During his campaign, Trump pledged to reduce Social Security taxes, a move experts warn could present substantial challenges to the program’s solvency. Analysts have raised concerns that eliminating income taxes on Social Security checks could accelerate the depletion of its combined trust funds—projected to run out by 2035—to as early as 2031, potentially increasing the agency’s deficit by $2.3 trillion.
Bisignano rose to prominence in New York’s finance sector early in his career, becoming senior vice president of the now-defunct Shearson Lehman Brothers by his late 20s. Shearson’s collapse in 2008 was among the pivotal events leading to the global financial crisis.
In 2017, Bisignano was the second-highest-paid CEO in the U.S., earning over $100 million—a sum more than 2,000 times the average salary of employees under his leadership, according to a New York Times analysis.
He has been a notable contributor to Republican campaigns, including supporting former New Jersey Gov. Chris Christie (R), who challenged Trump in the 2016 and 2020 presidential races.