Fiserv CEO Frank Bisignano pushed back when prominent Senate Democrats questioned him about privatizing Social Security during a hearing Tuesday on his nomination to lead the Social Security Administration.
While Bisignano did not explicitly say that he would fight efforts to move the social safety net program into private hands, he offered a guarantee of sorts that the government agency would survive his tenure.
"I've never thought about privatizing [Social Security],” he said when Sen. Sheldon Whitehouse, a Democrat from Rhode Island, pressed him on the possibility of privatization. "It's not a word that anybody's ever talked to me about, and I don’t see this institution as anything other than a government agency run for the benefit of the American public.”
"Let's hope that's the way this ends," Whitehouse replied. "My guarantee, I'll make it end that way," Bisignano said.
However, when Sen. Maria Cantwell, a Democrat from Washington, asked Bisignano if he favors privatization later in the hearing, he did not give a direct "yes" or "no" answer, and implied that Congress will decide that issue.
“The commissioner's job is to ensure that the agency operates correctly," Bisignano said in response to her questions. "I want to provide all the information required by the Senate, and by anyone else, in order to make these decisions, but I don't believe I'm a decision maker.”
Bisignano, who became CEO of the Milwaukee-based payment processing giant in 2020, was nominated by President Donald Trump to lead the SSA in December. The Senate Finance Committee convened the chamber’s first confirmation hearing on his nomination Tuesday.
Prominent progressives have been raising concerns about the Trump administration shrinking the Social Security Administration amid multiple actions against various federal agencies.
Elon Musk, the billionaire CEO of car-maker Tesla who leads the Department of Government Efficiency, has been focused on slashing government spending. In February, Musk called Social Security "the biggest Ponzi scheme of all time" in an appearance on Joe Rogan's podcast.
BlackRock CEO Larry Fink further fanned the flames last week when he suggested moving some Social Security payments into private accounts in an interview with the news outlet Semafor.
Senate Democrats Ron Wyden of Oregon and Elizabeth Warren of Massachusetts cited Fink's statements in a letter Sunday addressed to Bisignano asking him to fight Social Security cuts and divest from Fiserv if he is confirmed.
About 73 million Americans who are 62 or older receive Social Security payments.
While Democrats on the panel aggressively questioned Bisignano, Republicans — who are in the Senate majority — largely signaled that they favor his nomination.
"I can't imagine somebody more qualified for this position," Sen. Ron Johnson, a Republican from Wisconsin, said of Bisignano. "You've got my support."
At the outset of the hearing, Wyden disclosed a whistleblower report suggesting that Bisignano insisted several DOGE employees be onboarded into the government agency.
"The whistleblower said you personally intervened to get DOGE officials installed, and I understand there's one person who got basically approved in the middle of the night as a result of your insistence," Wyden said.
The Monday whistleblower statement, which Wyden posted online, says Bisignano asked senior SSA officials not to hire anyone without his explicit approval, personally appointed the agency’s chief information officer, Michael Russo, and then intervened late in the evening to place a DOGE engineer at the administration who was given access to Americans’ personal information.
Bisignano denied parts of the whistleblower report, acknowledging that he had spoken to Russo, but said he did not meet with the agency's acting commissioner, Leland Dudek.
A Fiserv spokesperson did not respond to a request for comment.
Last week a federal judge issued a temporary restraining order barring DOGE employees from accessing Social Security recipients' personal information.
Democrats on the committee repeatedly pressed Bisignano on whether he supports cuts to Social Security and if he agrees with Musk that the safety net program is a "Ponzi scheme."
For the most part, Bisignano avoided directly answering those questions, but pledged to make sure Americans continue to receive Social Security benefits.
"I have no objective," he said in response to a question about possible cuts. "And I've been told by the president to ensure that we preserve and protect Social Security.”