As the Trump administration hollows out the country’s safety net for retirees and those with disabilities, the agency’s new chief has just been approved for a massive tax break for his Wall Street riches, according to new ethics documents reviewed by The Lever.
Frank Bisignano, who ranked as one of Wall Street’s highest-paid CEOs as the head of banking technology company Fiserv, was confirmed as the Social Security Administration chief this month. He will now take the reins at the chronically underfunded agency, which his former company could benefit from privatizing.
To comply with federal ethics law, Bisignano has agreed to sell his shares in Fiserv, which are currently worth roughly $484 million. Because of a special loophole in the tax code for government officials, Bisignano will be able to indefinitely defer any capital gains tax on the divestment — meaning he may never have to pay taxes on the enormous windfall.
