Social Security Commissioner Breaks Down Plan To Save Agency From Insolvency

Newly-sworn successful Social Security commissioner Frank Bisignano spelled retired nan agency's plans to destruct waste, fraud and abuse, and protect nan agency from a looming threat of insolvency that immoderate opportunity could travel wrong nan adjacent 10 years.

The Fiserv CEO told "Sunday Morning Futures" this week that he's "honored" to beryllium a portion of nan squad President Donald Trump has put together, and improving nan information and information of nan agency ranks among nan highest priorities.

"I deliberation is, nan squad that oversees nan Social Security Trust, which I'm 1 of – nan Secretary of nan Treasury, nan Secretary of Labor, and nan Secretary of Health and Human Services – we arsenic a squad will get together… astir apt successful nan adjacent mates months, [to] spell done nan accusation that's produced. This is [an] effort crossed nan committee that will besides impact Senate and Congress," Bisignano said. 

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Frank Bisignano, now nan Social Security commissioner, speaks during The Clearing House Annual Conference successful New York City, U.S. November 12, 2024.  (Brendan McDermid)

"I deliberation doing our occupation correct is accretive to this economical challenge. It's been a 90-year-old institution, and arsenic nan president has said… we person nary intent to break a strategy that tin beryllium improved, but we person nary intent to break it, and I do judge that that squad that will get together, on pinch nan Senate and Congress, will guarantee that this is present for nan adjacent 90 years, astatine least."

Bisignano sees a "tremendous opportunity" to amended nan agency by focusing connected nan "integrity," "safety and security" of Social Security numbers. 

He went connected to telephone Trump's squad nan "best that's ever been assembled."

Bisignano's remarks came aft Senate Minority Leader Chuck Schumer precocious lambasted him successful a property briefing arsenic "Mr. Slash and Burn" for allegedly making sizable cuts to organizations successful nan backstage sector.

"Can you ideate putting this man, who has nary experience, pinch Social Security, but who has acquisition successful cutting nan daylights retired of immoderate statement that he becomes portion of, being nan commissioner…?" Schumer said.

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The logo of nan US Social Security Administration is seen extracurricular a Social Security building, November 5, 2020, successful Burbank, California. (VALERIE MACON/AFP)

Bisignano told Fox News' Maria Bartiromo that nan integrity of information wrong Social Security is "job one," "whether it's a costs aliases whether it's really that number travels done a system."

"Fraud and maltreatment tin hap truthful galore ways, truthful occupation one's going to beryllium ensuring that Social Security numbers are only fixed retired and maintained to group who should person them," he explained.

"I deliberation we request to deliberation broader astir what Elon and DOGE and nan president were talking about. It's not arsenic elemental arsenic did a 150-year-old get a payment? It tin beryllium arsenic elemental as, did that number recreation done nan strategy and [can] still beryllium live and utilized for galore different things?"

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He called nan agency's 1 percent correction complaint for improper payments "not acceptable."

"If you deliberation astir your ain financial transactions, if you had a 1 percent correction complaint connected them, aliases your ain information integrity… you would really consciousness for illustration you were astatine risk, truthful we request to unopen down each nan avenues wherever these errors happen, and that is fraud, discarded and abuse."