Overview

• Frank Bisignano, CEO of Fiserv and a veteran of financial services, has been nominated by President-elect Donald Trump to lead the Social Security Administration (SSA).
• The SSA faces significant challenges, including outdated IT systems, a growing backlog of disability claims, and looming trust fund insolvency projected by 2035.
• Bisignano's experience in modernizing large organizations, including implementing AI-driven cost-saving measures, may inform his approach to transforming the SSA's operations.
• Trump's campaign promises to eliminate federal income taxes on Social Security benefits have raised concerns about the program's long-term solvency.
• Fiserv has announced a succession plan for its leadership pending Senate confirmation of Bisignano, though its stock dropped over 5% following the announcement.