Ad Banner
Advertisement by Open Privilege

Senate confirms Bisignano as Social Security commissioner amid Partisan clash

Image Credits: UnsplashImage Credits: Unsplash
  • The Senate confirmed Frank Bisignano, a financial tech executive, as Social Security Commissioner amid partisan debates over the agency’s future.
  • Democrats raised concerns about Bisignano’s ties to DOGE and privatization risks, while Republicans praised his corporate leadership experience.
  • The agency faces operational challenges, including long wait times, overpayment errors, and looming trust fund depletion by 2035.

[UNITED STATES] The Senate has confirmed Frank Bisignano as the new commissioner of the Social Security Administration (SSA), marking a significant leadership shift at an agency already in flux under the Trump administration’s Department of Government Efficiency (DOGE).

Bisignano's confirmation arrives at a pivotal time for the SSA, which is grappling with longstanding operational issues and growing public scrutiny. The agency’s trust funds are projected to run dry by 2035, according to the latest trustees’ report—potentially triggering automatic benefit reductions unless lawmakers act. While supporters say Bisignano’s experience in the financial technology sector could help modernize the agency, critics warn that his corporate background may unduly influence public policy.

The chairman and CEO of financial services giant Fiserv Inc., Bisignano was nominated in December by then President-elect Donald Trump. Trump formally began his second term on January 20.

The SSA, responsible for distributing monthly benefits to more than 73 million Americans, has been under interim leadership since February, when Leland Dudek succeeded Michelle King as acting commissioner. King stepped down amid concerns about DOGE's access to confidential data, intensifying tensions between political appointees and longtime agency staff.

Internal communications obtained by CNBC highlight declining employee morale during ongoing restructuring efforts. One memo from the National Council of Social Security Management Associations warned that “the erosion of institutional knowledge threatens the agency’s ability to serve beneficiaries effectively.”

A federal judge has since issued a preliminary injunction barring DOGE from accessing sensitive personal information, including Social Security numbers, medical and financial records, and other private data.

Tuesday’s confirmation vote fell along party lines, with Republicans backing Trump’s nominee and Democrats voicing concerns about Bisignano’s affiliations and the potential for politicized leadership.

The vote underscores widening partisan divides over Social Security’s future. While Republicans have proposed raising the retirement age and adjusting benefit calculations, Democrats have advocated for expanding the program. Bisignano’s tenure will likely be defined by his ability to steer the agency through these political crosscurrents while preserving its independence.

Ahead of the vote, Democratic Senators Elizabeth Warren of Massachusetts and Ron Wyden of Oregon held a rally outside the Capitol to oppose the nomination. “We want Donald Trump to stand with working families and seniors and stop the attack on Social Security once and for all,” said Wyden, the ranking member of the Senate Finance Committee. Following the confirmation, several advocacy groups voiced alarm over Bisignano’s appointment.

“This vote was an opportunity for the Senate to reject the decimation of Social Security and demand leadership committed to its preservation,” said Nancy Altman, president of Social Security Works. “Instead, every Senate Republican just endorsed DOGE’s dismantling of the program.”


Ad Banner
Advertisement by Open Privilege
Finance Malaysia
Image Credits: Unsplash
FinanceMay 9, 2025 at 10:30:00 AM

Bank Negara signals policy shift

[MALAYSIA]

Finance Malaysia
Image Credits: Open Privilege
FinanceMay 9, 2025 at 10:00:00 AM

Ringgit rises on trade optimism amid US dollar strength

[MALAYSIA] The ringgit opened stronger against the US dollar today, buoyed by improved market sentiment stemming from recent developments in global trade tariffs...

Finance United States
Image Credits: Unsplash
FinanceMay 9, 2025 at 7:30:00 AM

Wall Street gains as the first trade agreement is signed

[UNITED STATES] U.S. stocks advanced on Thursday, buoyed by investor optimism over a newly announced trade agreement between the United States and the...

Finance Malaysia
Image Credits: Unsplash
FinanceMay 8, 2025 at 10:00:00 AM

Bursa Malaysia rises as investors await Bank Negara rate decision

[MALAYSIA] Blue-chip stocks on Bursa Malaysia saw modest gains as investors held their breath ahead of Bank Negara's interest rate decision, following the...

Finance United States
Image Credits: Unsplash
FinanceMay 8, 2025 at 9:30:00 AM

Fed holds firm on rates amid global easing

[UNITED STATES] As central banks around the world begin to ease their monetary policies in response to softening inflation and cooling economic growth,...

Finance Singapore
Image Credits: Unsplash
FinanceMay 8, 2025 at 8:30:00 AM

DBS strengthens reserves as Q1 profit dips amid global uncertainty

[SINGAPORE] DBS Group, Singapore’s largest bank, increased its general allowance reserves on Thursday in response to growing macroeconomic and geopolitical risks, after reporting...

Finance World
Image Credits: Unsplash
FinanceMay 7, 2025 at 11:00:00 AM

China eases rates to offset tariff impact

[WORLD] China has announced a reduction in interest rates and a series of measures to make bank lending more accessible. The central bank’s...

Finance World
Image Credits: Unsplash
FinanceMay 7, 2025 at 10:00:00 AM

China cuts reserve ratio to boost economy

[WORLD] China's central bank has announced a reduction in the reserve requirement ratio (RRR) for banks. This policy adjustment aims to inject liquidity...

Finance Singapore
Image Credits: Unsplash
FinanceMay 7, 2025 at 12:30:00 AM

Credit Suisse unit pleads guilty to U.S. tax evasion charges

[UNITED STATES] A unit of Credit Suisse pleaded guilty on May 5 to U.S. charges related to helping wealthy American clients evade taxes,...

Finance
Image Credits: Unsplash
FinanceMay 6, 2025 at 11:00:00 AM

Hong Kong stocks gain on foreign inflows and stimulus hopes

[WORLD] Hong Kong stocks saw modest gains on Tuesday, buoyed by optimism surrounding foreign investments in local assets, which helped drive the city’s...

Finance Malaysia
Image Credits: Unsplash
FinanceMay 6, 2025 at 10:00:00 AM

FBM KLCI holds steady ahead of key rate decision

[MALAYSIA] The FTSE Bursa Malaysia KLCI (FBM KLCI) has maintained a narrow trading range in recent sessions, reflecting investor caution ahead of significant...

Ad Banner
Advertisement by Open Privilege
Load More
Ad Banner
Advertisement by Open Privilege