WASHINGTON – President-elect Donald Trump on Wednesday tapped Frank Bisignano, head of the Wisconsin-based fee and monetary know-how firm Fiserv Inc., to guide the Social Security Administration.
“Frank is a enterprise chief, with an amazing monitor document of remodeling giant companies,” Trump wrote on his social media platform Wednesday night. “He might be accountable to ship on the Agency’s dedication to the American People for generations to return!”
Bisignano is the chair, chief govt and president of Milwaukee-based Fiserv. He is the highest-paid CEO of a public firm in Wisconsin and had a 2023 compensation package deal of about $28 million, in keeping with a Journal Sentinel evaluation.
He beforehand held prime posts at JPMorgan Chase & Co. and Citigroup.
More:Here’s a take a look at Fiserv CEO Frank Bisignano, simply named commissioner of Social Security Administration
In 2018, Fiserv bought the naming rights to the Milwaukee Bucks’ new area. That transfer got here after Wisconsin lawmakers agreed to present the corporate as much as $12.5 million if it stored its headquarters within the state.
Fiserv in a press release Thursday mentioned Bisignano “will proceed in his present positions with the Company till affirmation happens.” The firm mentioned it “has a longtime, long-term succession plan which it can comply with to pick out a successor to Mr. Bisignano.”
“Serving as CEO of Fiserv is an honor and I’m extremely pleased with what our group has and can accomplish,” Bisignano mentioned within the assertion. “I’m honored to have this as soon as in a lifetime alternative to serve my nation. I thank President-elect Trump and, if confirmed, look ahead to making use of my expertise to rework our social safety system.”
Social Security belief funds face insolvency by 2034
Social Security belief funds are projected to be bancrupt by 2034, in keeping with projections from the Congressional Budget Office.
Trump on the marketing campaign path promised he would shield Social Security, however he has not supplied particulars on how he would save this system. Trump has additionally pledged to remove taxes on Social Security advantages, although such a transfer may hasten this system’s insolvency outlook with out countermeasures to make up for misplaced revenues.
A spokesman for Fiserv declined to reply questions from the Milwaukee Journal Sentinel about Bisignano’s plans for the company, together with whether or not he supported Trump’s aim to remove taxes on Social Security advantages.
As head of the company, Bisignano would oversee a employees of virtually 60,000 staff.
Federal election experiences present Bisignano has a historical past of donating to political campaigns, and his donations primarily assist Republicans. He beforehand donated greater than $125,000 to Trump’s marketing campaign in 2019 however gave $15,000 to former New Jersey Gov. Chris Christie’s presidential marketing campaign in November 2023, in keeping with Federal Election Commission information.
Bisignano’s spouse, Tracy, donated simply over $931,000 to the Trump marketing campaign this previous October, the information present.
Sen. Johnson mentioned it is time to ‘get severe’ about Social Security modifications
Asked about Trump’s choice to appoint Bisignano, Wisconsin Sen. Ron Johnson, the state’s prime Republican, informed the Journal Sentinel he doesn’t know the person however mentioned the nation must “get severe about” making modifications to this system.
“I feel it begins with ensuring the American public know precisely how poorly the entire thing has been managed,” Johnson mentioned Thursday. “It actually is a authorized Ponzi scheme. Congress took the cash they usually spent it. It’s gone.”
Other congressional Republicans have expressed related views.
Utah Sen. Mike Lee this week posted a sequence of tweets referring to the federal government’s dealing with of Social Security as a “basic bait and change,” calling it extra of a tax than a profit. Tech billionaire Elon Musk, whom Trump tapped to guide the so-called “Department of Government Efficiency,” reshared the put up and mentioned: “Interesting thread.”
On Thursday, information of Bisignano’s nomination garnered reward from not less than one notable Wisconsin Republican.
Tim Sheehy, who lately retired as president of the Metropolitan Milwaukee Association of Commerce, mentioned Fiserv’s function in facilitating monetary transactions, in addition to Bisignano’s function in working a big company, make Bisignano a good selection to supervise the Social Security Administration.
“I feel he’ll do an outstanding job,” Sheehy mentioned.
Bisignano appeared at a March occasion to mark the transfer of Fiserv’s headquarters from Brookfield to downtown Milwaukee. He additionally spends a variety of time at Fiserv’s New Jersey operations, in addition to the corporate’s operations within the Atlanta space, Sheehy mentioned.
“He’s shifting round fairly a bit,” he mentioned.
Tom Daykin of the Journal Sentinel contributed to this report.
