Frank Bisignano, commissioner of the US Social Security Administration nominee for US President Donald Trump, during a Senate Finance Committee confirmation hearing in Washington, DC, US, on Tuesday, March 25, 2025. Photo: Daniel Heuer/Bloomberg
At a Senate Finance Committee confirmation hearing on Tuesday, Fiserv CEO Frank Bisignano, President Donald Trump’s pick to lead the Social Security Administration, said he’s “never thought about privatizing” the agency, which has become a prime target of Elon Musk’s Department of Government Efficiency (DOGE) cost-cutting crusade.
“The commissioner’s job is to ensure that the agency operates correctly,” Bisignano said, in response to Sen. Maria Cantwell’s question about privatization. “I want to provide all the information required by the Senate, and by anyone else, in order to make these decisions, but I don’t believe I’m a decision maker.”
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Bisignano, who became CEO of the payment processing giant Fiserv in 2020, was nominated by President Trump in December. SSA’s acting commissioner, Michelle King, resigned after a dispute with DOGE in February over the group’s efforts to access sensitive government records. Trump quickly appointed Leland Dudek, a manager in charge of SSA’s anti-fraud office, as the new acting commissioner.
Bisignano, a self-professed “efficiency guy” or “DOGE person,” faced tough questions by Senate Democrats and was called to account for the recent upheaval at the SSA, which has been a target of DOGE efforts to cut costs at the agency by firing workers and closing offices. However, it has been projected that SSA, which manages Social Security payments for about 72.5 million retirees, disabled people and children, will have funds depleted around 2035.
Prior to serving as CEO of Fiserv, Bisignano was the chairman and CEO of First Data Corp., and oversaw the merger of First Data and Fiserv in 2019. Prior, he worked as co-chief operating officer of JPMorgan Chase, and had also previously held senior positions at Citigroup.
Democrats on the committee repeatedly pressed Bisignano on whether he supports cuts to Social Security and if he agrees with Musk that the program is a “Ponzi scheme.” He avoided directly answering those questions, but pledged to make sure Americans continue to receive Social Security benefits. “I’ve been told by the president to ensure that we preserve and protect Social Security,” he said.
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Sen. Mike Crapo, chair of the Senate Finance Committee, said he supported DOGE’s efforts but asked that Bisignano “take a thoughtful, measured and data-driven approach” when administering SSA changes. Bisignano said is dedicated to the overall goal of “making sure we meet Americans where they are and understand what beneficiaries have to go through to access their benefits,” he said.
Members of both parties voiced their expectation that Bisignano would be confirmed by the full Senate.
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
