The U.S. Senate confirmed President Donald Trump's pick to lead the Social Security Administration (SSA) on Tuesday in a party-line vote.
Frank Bisignano, a Wall Street Veteran who is the CEO of Fiserv, a financial and technology payments company, was confirmed 53-47. In the midst of the drastic downsizing by the Department of Government Efficiency, many have been concerned Bisignano would push to privatize the agency following Elon Musk's description of it being a Ponzi scheme.
In a February appearance on the Joe Rogan Experience, Musk said "Social Security is the biggest Ponzi scheme of all time," in reference to the system first popularized by the 1920's swindler Charles Ponzi, who needed a constant stream of new investors to pay off unsustainable profits to the original investors.
Ultimately the scheme becomes insolvent without real profits to make up for the lack of new investors. Critics have argued the only way to save Social Security in America's current demographics is by removing it from the hands of the government.
Bisignano was asked about his views on privatizing the SSA during his confirmation hearing in March, saying, "I've never thought about privatizing," he said, promising that Social Security would remain public under his leadership. "I don't see this institution as anything other than run for the benefit of the American public."
The new leader of the SSA comes during a time when the solvency of the social safety net is in question due to a declining American birthrate coupled with an aging population that is living well past their age of retirement.
In addition, the cuts already implemented by Musk's DOGE initiative have put added stress on their customer service capabilities.
In March, the Washington Post reported on a litany of problems SSA began having soon after DOGE began implementing cuts which included crashed websites that prevented millions of retirees and disabled Americans from logging into their online accounts. DOGE initially cut 12% of the 57,000-person workforce, leaving the forward-facing customer service aspect of the agency most at risk.
Speaking to CNBC in February following his nomination, Bisignano told the outlet that he plans to work with Musk's agency to identify waste, fraud, and abuse, adding, "I am fundamentally a DOGE person."
James Morley III ✉
James Morley III is a writer with more than two decades of experience in entertainment, travel, technology, and science and nature.
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