President-elect Trump has nominated Frank Bisignano, CEO of financial software giant Fiserv, to lead the Social Security Administration (SSA) in his second administration.
Bisignano has a background in leading large corporations, previously serving as chief operating officer at JPMorgan Chase and holding senior roles at Shearson Lehman Brothers, an investment bank that collapsed in 2008.
Despite Trump’s campaign promise to slash Social Security taxes, experts warn that this could drain the combined trust funds for retirement and disability benefits by 2031, leading to a significant increase in the agency’s deficit.
Bisignano has secured high-paying positions early in his career, including being listed as one of the country’s second-highest-paid CEOs in 2017, with a salary over $100 million that year.
Trump praised Bisignano’s business leadership skills, saying he will “deliver on the Agency’s commitment to the American People.” The nomination comes after Trump raised concerns about the SSA’s finances during his campaign.
Source: https://thehill.com/homenews/administration/5023704-donald-trump-frank-bisignano-social-security-administration