Trump Taps Finance Vet for Social Security, Names First AI/Crypto Czar
In addition to his nominating Paul Atkins as the next chairman of the U.S. Securities and Exchange Commission, President-elect Donald Trump tapped several other individuals for positions in the future administration, including Frank Bisignano and David Sacks. That news followed Trump’s nomination of Scott Bessent to Treasury secretary.
Regarding Bisignano, chief executive officer of the financial software firm Fiserv, Trump has tapped him to be the next commissioner of the Social Security Administration. He previously was CEO of First Data Corporation and the chief operating officer of JPMorgan Chase.
If confirmed by the U.S. Senate, this would be Bisignano’s first foray in government. According to Wikipedia, he started his career as a vice president of both Shearson Lehman Brothers and First Fidelity Bank. Starting in 1994, he held a number of executive positions at Citigroup. Bisignano became chief administrative officer at JPMorgan Chase in 2005, overseeing several purchases and acquisitions, and was CEO for several of JPMorgan’s mortgage banking divisions. In 2012, he was promoted to co-COO; near that time, the Financial Times called him “one of [JPMorgan’s] most influential, yet least visible, executives.”
Bisignano assumed the helm at First Data in 2013, and collaborated heavily with Apple Inc. on Apple Pay shortly after. Following Fiserv’s acquisition of First Data in 2019, Bisignano became Fiserv CEO in July 2020.
According to a variety of news sources, Bisignano has consistently been said to be one of the highest-paid CEOs in the nation. In December 2022, Bisignano had signed a new contract with Fiserv to remain as president and CEO until 2027.
What Bisignano would do as commissioner of SSA is unknown. Social Security is a cornerstone of retirement for millions of Americans, but it has faced significant challenges to its long-term economic sustainability for years. As The DI Wire explored in a recent publisher’s byline, the urgency for Social Security reform grows each day, and the trust fund that keeps the system solvent is expected to run dry in the next decade.
“Frank is a business leader, with a tremendous track record of transforming large corporations,” Trump said in his social media post about Bisignano. “He will be responsible to deliver on the Agency’s commitment to the American People for generations to come!”
David Sacks
Trump said he was appointing entrepreneur and podcast host Sacks as White House AI and Crypto Czar. Sacks, PayPal’s former chief operating officer, is a member of the so-called “PayPal Mafia” – a group of founders and early employees of PayPal who went on to found other technology companies. According to Wikipedia, they are often credited with inspiring Web 2.0 and the re-emergence of consumer-focused Internet companies after the dot com bust of 2001.
“[Sacks] will work on a legal framework so the crypto industry has the clarity it has been asking for, and can thrive in the U.S.,” Trump said in a post on his social-media site Truth Social.
Unlike current SEC Chair Gary Gensler, who will be stepping down on Jan. 20, 2025, many of Trump’s tech backers, would like to see less regulation around artificial intelligence and cryptocurrencies.
Sacks is currently a general partner of Craft Ventures, a venture capital fund he co-founded in late 2017. Sacks’ angel investments with Craft Ventures include Facebook, Uber, SpaceX, Palantir Technologies, and Airbnb. While at PayPal, Sacks built many of the company’s key teams, and was responsible for product management and design, sales and marketing, business development, international, customer service, fraud operations, and human resources functions. In October 2002, eBay acquired PayPal for $1.5 billion.
In addition to the czar role, Trump also named Sacks to lead the President’s Council of Advisors on Science and Technology. Trump said that Sacks would “safeguard Free Speech online, and steer us away from Big Tech bias and censorship.”
Sacks will serve as a special government employee, which allows him to work for the government for up to 130 days per year. This status exempts him from undergoing confirmation hearings and from specific financial disclosure requirements.
Click here to visit The DI Wire directory page.
