Trump Taps Fiserv CEO To Lead Large Federal Agency
Frank Bisignano is the first nominee with a clear Milwaukee connection.
Fiserv CEO Frank Bisignano speaks at Fiserv headquarters opening. Photo taken March 4, 2024 by Jeramey Jannene.
From payment processing to payment issuing.
President-elect Donald Trump announced Wednesday evening that he is nominating Fiserv CEO Frank Bisignano to lead the Social Security Administration (SSA) and its approximately 60,000 employees.
“Frank is a business leader, with a tremendous track record of transforming large corporations,” wrote Trump in a Truth Social post. “He will be responsible to deliver on the Agency’s commitment to the American People for generations to come!”
It’s the first appointee with a clear Milwaukee connection, though it’s an unusual one. Fiserv, through a subsidy agreement with the city of Milwaukee, is required to refer to Milwaukee and its new downtown office as its “global headquarters.” But Bisignano, who attended the March ribbon cutting, is actually based in New York City. CFO Bob Hau is the highest-ranking employee based in Milwaukee.
Bisignano, 65, rose through several finance roles to become chief administrative officer at JP Morgan before becoming CEO and chairman of First Data in 2013. Fiserv merged with First Data in 2019 and Bisignano became CEO of the combined payment processing company in 2020. He currently holds the titles of president, CEO and chairman of Fiserv, which reports processing more than 12,000 financial transactions every second.
He would take a pay cut in his new role. He earned $27.9 million in 2023, making him the highest-paid CEO of a Wisconsin-based publicly traded company. He was previously reported, during his First Data leadership, to have earned more than $100 million in 2017.
Fiserv has approximately 44,000 employees and a market capitalization of approximately $122 billion, a figure that’s up 60% in 2024. Notable to Wisconsin residents and basketball fans, it holds the naming rights to Fiserv Forum.
In his new role, Bisignano will have to navigate several issues SSA and its 1,200 field offices face. Chief among the looming issues is a 2034 fiscal cliff, where benefits would need to be cut by 20% if Congress doesn’t intervene. Trump also campaigned to eliminate taxes on tips, which would impact the financial viability of the trust fund. The president-elect also said he would eliminate taxes on Social Security benefits for seniors, a change which would further deplete the trust fund.
According to a Congressional Budget Office analysis, Social Security is the largest federal government program.
Former Maryland Governor Martin O’Malley, a current candidate to lead the Democratic National Committee, was the most recent SSA commissioner, but served less than a year in the role. He resigned on Nov. 29. Carolyn Colvin, who ran the agency under President Barack Obama, is currently serving as acting commissioner.
The position is subject to confirmation by the U.S. Senate.
Bisignano has a history of donating to Republicans. In October, his wife Tracy donated approximately $1 million to Trump.
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