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Fiserv executive gets Social Security nomination hearing

Mar 25, 2025 - americanbanker.com
Frank Bisignano, CEO of Fiserv, addressed the Senate Finance Committee regarding his nomination as Social Security Commissioner. He assured lawmakers that he has no plans to privatize the Social Security Administration, despite concerns from Democratic senators about potential privatization efforts linked to cuts in staffing and offices. Bisignano emphasized his commitment to maintaining the agency as a government entity and highlighted his experience in technology and payments as beneficial for modernizing the agency. He suggested that artificial intelligence could improve efficiency and assist employees, though it might also lead to reduced staffing levels.

Sen. Mike Crapo reiterated the Trump administration's stance against cutting Social Security benefits, countering claims of privatization efforts. Bisignano's approach includes using AI to enhance the agency's operations and better serve beneficiaries, ensuring accessibility through various channels like phone, in-person, and online services. He acknowledged the need to determine the appropriate staffing levels and expressed confidence that technology could support employees in performing their roles more effectively.

Key takeaways:

  • Frank Bisignano, nominated to lead the Social Security Administration, assured lawmakers he would not privatize the agency.
  • Concerns were raised about potential cuts to Social Security offices and staff under Elon Musk's Department of Government Efficiency.
  • Bisignano emphasized the role of technology and AI in modernizing the agency, potentially reducing staffing levels while improving efficiency.
  • He highlighted his experience at Fiserv, a company with expertise in disbursing government benefits, as beneficial for leading the Social Security Administration.
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