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Social Security privatization? Senators quiz Trump’s agency nominee.

Orlando Newkirk by Orlando Newkirk
May 5, 2025
in Business, Economics, Retirement
Social Security

Frank Bisignano, Trump’s nominee for Social Security commissioner, must answer Democratic senators about protecting the $1.6 trillion program that serves 70 million Americans from privatization. Sens. Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) requested through a March 23 letter that Bisignano assure them he would prevent any privatization of Social Security components because of changes at the SSA under Elon Musk’s Department of Government Efficiency (DOGE). The agency has implemented job reductions and phone service reductions and office closures which have raised concerns among the senators.

The senators requested Bisignano to guarantee complete public ownership of all Social Security components while asking him to reverse agency shifts that they believe negatively affect senior citizens and disabled people. The senators believe the Trump administration through DOGE intentionally works to dismantle the Social Security Administration (SSA) because they suspect the goal is to establish private management of the program. The senators pointed out that Republicans have pursued privatization for decades while revealing how Musk now leads the privatization effort. The senators explained that Musk and his private-equity firm allies at the agency have spread false information about deceased beneficiaries while he describes Social Security as a “Ponzi scheme.” The letter expressed fear that SSA leaders together with Musk could benefit from the program’s destruction since DOGE’s actions might signal the start of privatization.

Tags: FundsRetirementTrump
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