Letter Comes After Fiserv Lost Half Its Value, Raising Questions About What SSA Chief Bisignano Knew Before Divesting His Stake in the Company
Washington, D.C. – Senate Finance Committee Ranking Member Ron Wyden, D-Ore., and Senate Banking Committee Ranking Member Elizabeth Warren, D-Mass., launched a probe into Fiserv, a large financial company, about its operations during Social Security Administration (SSA) Commissioner Frank Bisignano’s tenure as chief executive officer.
Bisigano’s appointment to lead Social Security allowed him to divest more than $550 million in Fiserv stocks before the company’s stock price declined by more than 50%.
“At a minimum, Mr. Bisignano appears to have failed to manage Fiserv effectively, and may have misled investors and the public about the company’s financial status, raising concerns about his ability to serve as a key Social Security and IRS official in the Trump Administration,” Wyden wrote in a letter to Fiserv Chief Executive Officer Mike Lyons. “Because of Mr. Bisignano’s mismanagement, many Fiserv investors, including retirees and members of the public, lost money—a fate Mr. Bisignano avoided.”
Since Bisignano left Fiserv, the company faced a series of financial setbacks that raise serious questions about his management. A lawsuit was filed against Fiserv that alleges the company misled investors by artificially inflating growth numbers under Bisignano’s tenure. The letter also highlighted that Lyons even identified major problems which he inherited from Bisignano, including overly relying on its ability to do business with Argentina and placing too much of an emphasis on achieving short-term results.
Wyden and Warren called for transparency surrounding Fiserv’s bid for a lucrative government contract, which would manage a debit card program distributing Social Security benefits to more than 3.4 million Americans. During Bisignano’s confirmation process, he did not disclose any active contract negotiations between Fiserv or its subsidiaries with the federal government. However, the Department of Treasury recently announced that it reached a deal with Fiserv, awarding the company a five-year contract to serve as the financial agent for the Direct Express program.
To better understand the events surrounding Fiserv’s stock decline, Wyden and Warren requested answers to questions on the company’s business with Argentina, internal investigations, negotiations with the American government, and non-disclosure agreements signed by Bisignano.
Wyden and Warren have continuously held Bisignano accountable since his nomination to lead Social Security. In October 2025, the senators pressed the Trump administration for giving Bisignano an additional position as a fake “CEO” of the IRS. In March 2025, they pressed Bisignano on his plans to lead SSA, including the disclosure of any ties between Fiserv and the federal government.
The full text of the letter is here.
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