He Ran the Biggest Payment Processor on Earth. Now He’s Taking on Social Security. | Frank Bisignano

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In this episode, I’m sitting down with Frank Bisignano, who oversees not one, but two of America’s most consequential institutions: the Social Security Administration (SSA) and the Internal Revenue Service (IRS).

Before stepping into government, he built a career at the very top of finance as the youngest senior vice president in American Express history at just 25, co-COO of JPMorgan Chase, and CEO of the payment processing company Fiserv.

Now, he’s taking on a different kind of challenge: bringing, in his words, “accuracy” to massive federal agencies that impact every American.

He’s cleaning up records—including moving records of 12.4 million people aged 120 and over into the Social Security Administration’s Death Master File—and digitizing records to streamline systems.

“There wasn’t really a routine to reconcile data…It wasn’t that people who weren’t alive any longer were getting paid social security. It was that there was a live social security number which could be used throughout the whole system,” Bisignano says.

How is he transforming these agencies? What new benefits are there in this year’s tax season?
How are the newly rolled out “Trump accounts” doing? And will Social Security be able to resolve insolvency challenges in the decades ahead?

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