The Social Security Administration’s new boss is an unmatched operator—and now the second biggest business figure in Trump-land

The “Mr. Musk Goes to Washington” spectacle is a headline-hogging mega-story, but you’ve probably never heard of the second-biggest business figure slated to serve in the Trump administration. He’s Frank Bisignano, CEO of payments processing colossus Fiserv, whom the new president has anointed to head the Social Security Administration. Put simply, Bisignano boasts an unmatched record as a crisis manager. He rebuilt Citigroup’s decimated back-office operations from the ashes of 9/11, repaired Washington Mutual’s stricken subprime book after the 2007 housing meltdown as Jamie Dimon’s fixer at JPMorgan Chase, and transformed a lumbering warhorse that was one of the worst investments KKR ever made into a potent money spinner that he merged into Fiserv, then drove the combo to reign as America’s largest non-bank handler of credit card payments to retailers, restaurants and other merchants, ferrying $2.5 trillion in payments per day.

Following his Senate confirmation—which appears a sure thing—Bisignano will head another payments titan that’s as renowned for its inefficiency as its programs are revered for their crucial support of America’s seniors. Here’s an organization that pays $1.5 trillion in annual benefits to over 70 million retirees, survivors, and disabled elders each year; yet for the constituency whose lifestyles hinge on its services, it remains consumer-unfriendly territory, keeping frustrated callers on hold for lengthy wait times and taking way too long to roll out new services that, once they appear, are hard to use. Federal watchdog groups and the Republicans now holding majorities in both houses in Washington regularly criticize the SSA for failing to deliver on plans to upgrade its outdated computer systems, and for high levels of turnover, both among the rank and file and for a virtual revolving door of commissioners.
Source: FORTUNE

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