Frank Bisignano, President Trump’s nominee to lead the Social Security Administration, is set to undergo a Senate hearing on Tuesday morning regarding his qualifications for managing the vast retirement system. This comes at a time when the agency has been under significant scrutiny due to proposed job cuts by Elon Musk’s Department of Government Efficiency.
The hearing is scheduled to commence at 10:10 a.m. Eastern time, where Bisignano will appear before the Senate Finance Committee.
The Social Security Administration dispenses over $1.6 trillion annually in benefits to 70 million seniors, individuals with disabilities, and children, with monthly benefit payments serving as a crucial source of retirement income for many older Americans. However, the Social Security program is facing a possible financial crisis, as benefit cuts are anticipated to begin in 2035 due to expenditures exceeding income.
Here’s what you need to know about the hearing.
How to watch the Social Security hearing
The Senate hearing will be live-streamed at 10:10 a.m. ET on the Senate Finance Committee’s website, which you can access here.
Who is Frank Bisignano?
Since July 2020, Bisignano has served as the chief executive of Fiserv, a prominent financial technology company. Under his leadership, Fiserv’s stock price has more than doubled, with the company reporting revenues of $20.5 billion for the fiscal year ending December 31, 2024, up from approximately $15 billion in 2020.
Before his role at Fiserv, he was the chairman and CEO of First Data Corp., where he oversaw the merger between First Data and Fiserv in 2019. Earlier in his career, Bisignano held the position of co-chief operating officer at JPMorgan Chase & Co. and also occupied senior roles at Citigroup.
What has Bisignano said about Social Security?
In a February interview with CNBC, Bisignano characterized Social Security as both a technology and services organization, while assuring that no changes affecting benefit levels would be made.
“The goal isn’t to alter benefits,” Bisignano stated. “The goal is to address fraud, waste, and abuse within the system,” while noting that he considers himself “fundamentally a DOGE person.”
The executive also expressed intentions to leverage artificial intelligence to identify fraud, waste, or abuse in the program.
Both Mr. Trump and Musk have claimed on social media and during press briefings that individuals over age 100 are improperly and frequently receiving Social Security benefits, a statement that the acting Social Security Administration commissioner has disputed.
The program automatically ceases payments to individuals exceeding 115 years old, a regulation that has been in place since September 2015.
