Larson, Himes Refer Social Security Commissioner Frank Bisignano for SEC Investigation into Fiserv Stock Divestitures
Washington, D.C. – Today, House Social Security Subcommittee Ranking Member John B. Larson (CT-01) and Rep. Jim Himes (CT-04), a senior member of the House Financial Services Committee, announced they were calling for a Securities and Exchange Commission (SEC) investigation into Social Security Commissioner Frank Bisignano and the timing of his required stock divestiture from his former company, Fiserv.
The value of Fiserv’s stock plummeted following CEO Mike Lyons’ decision on October 29th to withdraw earnings forecasts set under Commissioner Bisignano’s leadership, describing them as “objectively difficult to achieve.” Bisignano sold approximately $560 million in shares between May and August, before his earnings forecast was withdrawn, saving himself an estimated $354 million. The timing of his nomination to the Social Security Administration and stock divestiture raises questions about what he knew about Fiserv’s impending stock crash and whether he sought an appointment from President Trump to avoid personal financial loss.
“The sudden and drastic drop in Fiserv stock value raises serious questions about whether Commissioner Bisignano misled investors and the American public for his own personal gain,” said Larson. “He has pursued a reckless agenda during his time at the Social Security Administration, laying off staff, cutting services, and even floating a plan to raise the retirement age. It is beyond the pale for a man entrusted with the people’s money to try to cut their hard-earned benefits while leveraging his position to amass personal wealth. The SEC must conduct a swift and thorough investigation into these potential conflicts of interest. Mr. Bisignano must also come before Congress again to explain these dubious business decisions in person. Americans deserve truth, transparency, and accountability from their government. They know a con when they see one.”
"Americans deserve to know that their sensitive personal data is being handled with integrity and transparency,” said Himes. “If true, the allegations against Social Security Commissioner Bisignano would represent a deep betrayal of the public office with which he has been entrusted. That’s why I am calling on the SEC to immediately conduct a thorough investigation into whether Commissioner Bisignano has inappropriately leveraged his position for his own personal gain at the expense of other investors.”
Larson and Himes sent a letter to SEC Chair Paul Atkins and Inspector General Deborah J. Jeffrey, referring Commissioner Bisignano for investigation.
“The timing of Fiserv’s updated guidance and resulting collapse in Fiserv’s stock price raises significant questions about the timing of Mr. Bisignano’s nomination and confirmation,” Larson and Himes wrote. “Maintaining public trust in the SSA and its commissioner is paramount. The dramatic fall in Fiserv’s stock price following the withdrawal of guidance set during Mr. Bisignano’s tenure fuels concerns about his management and whether he misled investors and the public, warranting an investigation into whether the company’s prior financial disclosures met the rigorous, truthful, and complete standards required by the SEC, ensuring fairness to all investors.”
The full text of the letter is available HERE and below:
Dear Mr. Atkins and Ms. Jeffrey,
As the Ranking Member of the Social Security subcommittee with oversight over the Social Security Administration (SSA) and a senior member of the Financial Services Committee with jurisdiction over capital markets, we write to request that the Securities and Exchange Commission (SEC) conduct an investigation into the circumstances surrounding the financial reporting of Fiserv, Inc., during the tenure of its former CEO, Frank Bisignano, and the timing of his required stock divestiture. A thorough and impartial review is necessary to ensure that the Commissioner of Social Security, who oversees the benefits and highly sensitive personal data of over 70 million Americans, is fully compliant with all ethics requirements and securities laws and remains above reproach.
In December 2024, then President-elect Donald Trump announced his intention to nominate the CEO of Fiserv, Frank Bisignano, to be Commissioner of Social Security. In May 2025, the Senate confirmed his nomination, and Mr. Bisignano became the 18th Commissioner of Social Security. Mr. Bisignano was required to divest his Fiserv holdings upon entering public service and sold approximately $560 million in shares between May and August. On October 29th, Fiserv withdrew earnings forecasts set under Mr. Bisignano’s leadership, with current CEO Mike Lyons describing them as “objectively difficult to achieve.” This resulted in a nearly 50% drop in Fiserv’s stock value since the end of trading on October 28th.
The timing of Fiserv’s updated guidance and resulting collapse in Fiserv’s stock price raises significant questions about the timing of Mr. Bisignano’s nomination and confirmation. Maintaining public trust in SSA and its commissioner is paramount. The dramatic fall in Fiserv’s stock price following the withdrawal of guidance set during Mr. Bisignano’s tenure fuels concerns about his management and whether he misled investors and the public, warranting an investigation into whether the company’s prior financial disclosures met the rigorous, truthful, and complete standards required by the SEC, ensuring fairness to all investors. Furthermore, the timing of Mr. Bisignano’s nomination to the Social Security Administration and his multimillion-dollar tax-advantaged stock divesture prior to the stock decline saved him an estimated $354 million and should invite scrutiny about whether he knew about Fiserv’s impending stock crash and sought a timely exit from President Trump to avoid personal financial loss.
The SEC’s mission includes protecting investors and maintaining fair, orderly, and efficient markets. We urge the SEC to prioritize this request and communicate the findings of its investigation in a timely manner.