President-elect Donald Trump is nominating Frank Bisignano, the chief executive officer of fintech and payments company Fiserv Inc., to be the commissioner of the Social Security Administration.
“Frank is a business leader, with a tremendous track record of transforming large corporations. He will be responsible to deliver on the Agency’s commitment to the American People for generations to come!,” Trump said in a post to his Truth Social network on Wednesday.
Bisignano is a veteran of JPMorgan Chase & Co., where he served as co-chief operating officer and chief executive officer of mortgage banking, and before that Citigroup Inc. He left Wall Street to lead First Data Corp., a payments processor, undertaking a series of deals and leading the firm through an initial public offering in 2015.
Fiserv acquired First Data for $22 billion in 2019, a financial merger that created a payments processing giant. Bisignano led the combined company first as president and chief operating officer before becoming CEO in July 2020 and chair of the board in May 2022, according to his biography on Fiserv’s website.
Fiserv competes with companies like Stripe and Worldpay. Its shares have risen more than 60% this year, and it has a market capitalization of more than $122 billion.
In a presentation on Dec. 4 at the UBS Global Technology Conference, Fiserv’s Chief Financial Officer Robert Hau said that Bisignano was missing the event because he was “down in Brazil” for a product launch.
Bisignano is the second fintech CEO to garner a Trump nod on Wednesday. The president-elect earlier tapped technologist Jared Isaacman of Shift4 Payments to lead NASA.
Troubled Agency
If confirmed by the Senate, Bisignano would head an agency responsible for running the Social Security program, a retirement trust fund that faces a budget shortfall and which is politically risky to change because older Americans who benefit from those payments make up a crucial bloc of voters.
