A 2011 photo shows an exhibit at the Franklin D. Roosevelt Presidential Library & Museum that commemorated the 75th anniversary of the signing of the Social Security Act in August 2010. (FDR Presidential Library & Museum | via Flickr)

The chairman and CEO of Milwaukee-based FiServ said Thursday that he looks “forward to applying my experience to transform our social security system” as Commissioner of the Social Security Administration under President-elect Donald Trump.

Frank Bisignano made the statement in a press release from FiServ confirming his appointment to the post, which is subject to Senate confirmation. Trump first disclosed the Bisignano’s nomination on his social media platform Wednesday evening, The New York Times reported.

FiServ, founded in 1984 as a financial services data processing company, expanded into electronic billing and payments, providing mobile banking services for financial institutions and related technology based services for the financial industry.

Bisignano, who has spent most of his career in investment banking, has held the top spot at FiServ since 2020 after engineering the 2019 merger of the company he headed at the time, First Data Corp., with FiServ.

The Milwaukee Business Journal listed Bisignano as the highest-paid Wisconsin public company executive in the most recent fiscal year, with compensation totaling more than $27.9 million, 83% of that in stock awards.

At First Data, where he led the company in 2015 in a $2.6 billion initial public offering, he ranked as the second-highest paid U.S. executive in 2017, according to the Times — $102 million, 97% of that in stock awards. His total compensation that year was 2,000 times that of the average First Data employee, the Times reported.

In announcing his nomination, Trump listed Bisignano’s prior investment banking posts at Morgan Stanley, CitiGroup and JPMorgan Chase & Co. “He has a long career leading financial services institutions through great transformation,” the president-elect wrote.

Bisignano has contributed to both Democrats and Republicans over the course of the last two decades, according to Federal Elections Commissions records assembled by OpenSecrets.org, a nonprofit, nonpartisan group that tracks political spending. Those include contributions to Trump.

In the last election cycle, however, his largest individual contributions include $15,000 to a PAC backing former New Jersey Gov. Chris Christie, who mounted an early primary challenge to Trump’s 2024 bid, and $50,000 to Florida Gov. Ron DeSantis, who also ran against the former president for the GOP nomination. 

Nancy Altman, president of the advocacy group Social Security Works, was skeptical Thursday about Bisignano’s qualifications to operate the program, however.

“I don’t know that he has any background in Social Security or with a large government agency, or a program that sends benefits to 70 million Americans every month,” Altman said.

She suggested that the absence of evidence that he’s proposed drastic changes to Social Security makes it likely he can be confirmed. “But it’s a question who will come in with him who maybe won’t [need to be] confirmed, but will maybe be  calling the shots,” she added.

Social Security is designed so that payroll taxes from the current generation of workers fund the benefits of the previous, now retired, generation. Altman said that it should be viewed not as a kind of savings account but as a form of insurance.

Within the next decade, forecasters have predicted that Social Security’s revenue from payroll taxes will not be enough to fully fund recipients’ benefits, requiring changes to the program.

While that’s led some people — especially younger members of the workforce — to fear the program won’t be around for them when they retire, Altman said those fears have been stoked by opponents hoping to do away with Social Security entirely.

Altman said she’s confident that Congress will reach a solution, but that her organization and other advocates will watch closely and oppose a deal that cuts benefits, raises the retirement age or privatizes the system. Instead, Social Security Works is campaigning for an approach that includes raising the income levels subject to the payroll tax.