Donald Trump has put forward his candidate for the forthcoming commissioner of the Social Security Administration. If the Senate gives its approval, Frank Bisignano—a wealthy corporate executive and Wall Street “fixer”—will lead the agency. Currently, Bisignano serves as the CEO of Fiserv Inc., a prominent payment processing firm.
His previous roles include positions at Shearson Lehman Brothers and Citigroup, and he was also the former co-COO of JP Morgan Chase. Experts and advocates in the field of Social Security have raised alarms regarding Bisignano’s nomination. There are worries that the Trump administration may utilize his appointment to weaken the program and reduce benefits.
Richard Fiesta, executive director of the Alliance for Retired Americans, has criticized Bisignano for his lack of insight into the specific needs of disabled and older Americans. Nancy Altman, president of Social Security Works, reiterated these concerns, asserting that Bisignano is “entirely unfit” for the role. Throughout his corporate journey, Bisignano has employed a cut-and-burn management approach.
He has frequently prioritized shareholder enrichment over employee welfare, often enacting severe labor cost reductions and stock buybacks. Employees at Fiserv have voiced their outrage regarding Bisignano’s potential appointment and his leadership there.
Trump selects Wall Street veteran
The staff point to his insensitivity and domineering approach within a culture characterized by overwork and excessive monitoring. Social Security supports over 70 million individuals, many of whom depend exclusively on SSA benefits. Diana Madoshi, a 79-year-old retired nurse, recounted her experience that underscores Social Security as her vital support and sole source of income.
Drastically cutting support for millions of elderly individuals will present significant challenges, as reducing benefits is perceived as politically toxic. Even the most resolute Republicans feel compelled to publicly support the program. Social Security funds are well-guarded, with legal frameworks that inhibit investment speculation.
The fund is prohibited from engaging in investments beyond federally backed treasury bonds. The House Republican Study Committee has advocated for raising the retirement age to 69 as part of their strategy. The right’s push to diminish the program is motivated by ideological factors and the reality that Social Security handles around a trillion dollars each year.
As discussions surrounding the future of Social Security progress, the threat of austerity and reductions looms prominently, particularly with individuals like Bisignano in key positions. The future of this essential social program hangs in the balance as political entities strive to drastically alter its framework.
