Frank Bisignano, Social Security Commissioner and incoming IRS CEO, faces renewed criticism after Fiserv—his former company—saw its stock plummet over 40% ($30 billion in market value) following the withdrawal of his overly optimistic long-term earnings forecasts, which prioritized short-term profits over investments. He sold $530 million in shares between May and July, avoiding $300 million in losses and benefiting from tax offsets via a Certificate of Divestiture. The episode bolsters an investor lawsuit alleging Bisignano misled stakeholders on growth. Advocacy group Social Security Works demands his resignation, citing parallels to alleged SSA mismanagement and questioning his ties to a new Fiserv partnership for the Direct Express debit card program for beneficiaries. Congressional Democrats are probing potential conflicts, including Bisignano's knowledge during confirmation and links to ending paper checks. SSA asserts full ethics compliance but declined further comment.
Read more: https://www.govexec.com/oversight/2025/10/bisignano-draws-scrutiny-his-former-company-falters/409196/
