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From Wall Street to Washington: The CEO who is overhauling the IRS and SSA
Fortune· 2026-02-03 12:16
Group 1: Leadership and Roles - Frank J. Bisignano has taken on the dual role of commissioner of the Social Security Administration (SSA) and CEO of the Internal Revenue Service (IRS), overseeing two of the largest government agencies with significant budgets [1][3] - Bisignano's background includes leadership positions in major financial institutions and fintech companies, such as CEO of Fiserv and First Data, and co-COO of J.P. Morgan Chase [2] Group 2: Agency Operations and Budget - The SSA is the largest retirement system globally, disbursing $1.5 trillion annually to over 70 million beneficiaries, while the IRS collects more than $5 trillion in annual taxes, funding over 90% of federal operations [3] - The combined operating budgets of the SSA and IRS exceed $30 billion, with a workforce of around 150,000, highlighting the need for improved efficiency and customer service [4] Group 3: Modernization Efforts - Bisignano is focusing on modernizing the IRS by implementing a technology-driven approach to tax administration, drawing from his experience in digital transformations [5] - This modernization could lead to faster processing times and more data-driven enforcement, necessitating upgrades in systems, controls, and outreach strategies for companies and advisors [6]