President-elect Donald Trump has nominated Frank Bisignano, a Wall Street veteran, to run the Social Security Administration (SSA), prompting concerns from critics that he may not be the best choice for the job. The agency is responsible for administering benefits to 70 million Americans.
Bisignano’s background in finance and his previous roles at major banks like JPMorgan Chase and Citigroup have raised eyebrows. Critics argue that his Wall Street experience could lead to risky decisions, such as allowing investment firms to gamble with Social Security trust funds.
Max Richtman, president of the National Committee to Preserve Social Security and Medicare, warned that Bisignano’s nomination may put the agency’s commitment to the American people at risk. Richard Fiesta, executive director of the Alliance for Retired Americans, echoed concerns, stating that Bisignano lacks understanding of the unique needs of older and disabled Americans.
The nomination comes at a critical time, as Social Security’s trust funds are projected to be depleted by 2035. Republican lawmakers have signaled a willingness to target mandatory programs like Social Security in their efforts to slash federal spending and regulations. Wisconsin state Sen. Chris Larson quipped that Bisignano is leaving a lucrative private job to work in government, predicting he will aim to cut Social Security benefits.
Source: https://www.commondreams.org/news/social-security-administration-frank-bisignano