• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
EconomySocial Security

Inside the radical revamp of Social Security where a Wall Street CEO is changing almost everything at the $1.6 trillion benefits agency

Shawn Tully
By
Shawn Tully
Shawn Tully
Senior Editor-at-Large
Down Arrow Button Icon
Shawn Tully
By
Shawn Tully
Shawn Tully
Senior Editor-at-Large
Down Arrow Button Icon
February 7, 2026, 5:21 AM ET
Trump appointee Bisignano has two very big jobs, at SSA and the IRS.
Trump appointee Bisignano has two very big jobs, at SSA and the IRS.

For all the talk about Social Security being in crisis, what hasn’t been stressed enough is the leadership crisis. From December of 2023 to until the current leader’s Senate confirmation of May 6, a parade of four commissioners and acting commissioners cycled through the position. These chiefs departed fast in part because they got frequent hammerings in Congress over the agency’s poor phone and face-to-face service to beneficiaries. 

Recommended Video

Enter Frank Bisignano. The Jamie Dimon protegee had a storied career in banking, and was appointed to lead SSA last spring (he has since added the job of IRS CEO to his resume, which you can read about here.)

But the changes he has quickly enacted at SSA—drawing heavily on his time in the private sector—are real, and they’re impressing even the Administration’s fiercest critics. 

One of Bisignano’s first moves was to ensure that people could access the My SSA.gov website 24/7. “When I took over, I learned that the site was down 29 hours a week or 17% of the time,” Bisignano told Fortune in a lengthy interview. “It was supposed to be ‘off hours.’  But it wasn’t off hours for our recipients in Hawaii or the West Coast.” Bisignano quickly rallied his engineering team to get the site running around the clock. 

Another huge priority: Shrinking the notoriously long phone wait times that brought a flood of complaints to members of Congress, and sparked their demands at those acrimonious hearings that the Commissioners get it right, which they typically failed to do. In just a few months, Bisignano improved the automated phone system so that it could successfully handle a far larger share of inquiries, freeing the agents to take the in-person calls much faster. Result: For June, the average time people waited on hold before speaking to an agent dropped to 13 minutes, versus 20 in June of last year. The trend continued in July (24 minutes to 8), and August (21 to 9), and in September, the interval dropped to an all-time low of 7 minutes, around half the delay registered a year earlier The SSA phone service worked far quicker while handling 65 million callers, 67% more than in FY 2024. 

Bisignano also pushed hard to ensure that the field offices remained open during the 43 day government shutdown that ended in late November, so that new applications and appeals kept getting processed, though at a slower-than-normal pace due to fewer workers. Callers even got their inquiries answered on the days bracketing Christmas. Though December 24 and 26 were federal holidays, the new Commissioner  marshalled the staff at the more than 1,200 community service outlets to work those days in exchange for overtime payments. Around 66% showed up, and as Bisignano puts it, “That’s like a landslide vote!” In another win, the Commissioner orchestrated new workflows that reduced the time for processing disability claims from 240 to 209 days, and curbed the backlog to 865,000 from 1.26 million.

According to an SSA press release, at a meeting with Bisignano in July, Senator Warren “expressed disbelief about the data” provided by the Commissioner and his staff showing a quick, substantial reduction in wait times for callers on the national SSA 800 number. The legislator and Commissioner agreed to an audit of the reported stats by the Office of the Inspector General. In a report published on December 22, the OIG backed Bisignano, concluding that “The SSA’s publicly reported metrics were accurate, and its overall telephone performance improved during FY 2025.” 

No matter what your political party, few could argue that an agency in need of efficiency finally has a leader at the top who is moving the needle. 

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
About the Author
Shawn Tully
By Shawn TullySenior Editor-at-Large

Shawn Tully is a senior editor-at-large at Fortune, covering the biggest trends in business, aviation, politics, and leadership.

See full bioRight Arrow Button Icon

Latest in Economy

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Lists Calendar
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Lists Calendar
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Economy

‘I think it’s a mistake’: Delta CEO Ed Bastian refuses to call it ‘artificial intelligence’ because it scares people
ConferencesDelta Air Lines
‘I think it’s a mistake’: Delta CEO Ed Bastian refuses to call it ‘artificial intelligence’ because it scares people
By Nick LichtenbergApril 22, 2026
8 hours ago
GOP senator blocking Warsh makes his stand on market stability
BankingFederal Reserve
GOP senator blocking Warsh makes his stand on market stability
By Steven T. Dennis and BloombergApril 22, 2026
8 hours ago
kids paint at school
Politicsschools
Record numbers of kids are enrolling in state-funded preschool as Trump pushes states to cover costs amid federal funding for wars
By The Associated Press and Moriah BalingitApril 22, 2026
8 hours ago
How does the Fed impact gold prices? What investors should know
InvestingGold
How does the Fed impact gold prices? What investors should know
By Joseph HostetlerApril 22, 2026
8 hours ago
A man helps a woman pick meat in the grocery store
EconomyFood and drink
Beef is becoming a luxury as prices stay at record highs. They likely won’t come down until 2028, says Farm Bureau
By Jacqueline MunisApril 22, 2026
11 hours ago
President Donald Trump
AITariffs
The AI boom is single-handedly carrying the U.S. import market—and adding $200 billion to the trade deficit, Fed study finds
By Tristan BoveApril 22, 2026
12 hours ago

Most Popular

‘Something sinister’: What we know about the FBI probe into dead and missing scientists linked to space and military industries
Economy
‘Something sinister’: What we know about the FBI probe into dead and missing scientists linked to space and military industries
By Jim EdwardsApril 22, 2026
19 hours ago
The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner
Real Estate
The tables have turned: Florida and Texas are the biggest losers in the housing market as Ohio emerges a surprise winner
By Sydney LakeApril 21, 2026
1 day ago
'Something sinister could be happening': FBI looks into dead or missing nuclear and space defense scientists tied to NASA, Blue Origin, and SpaceX
Politics
'Something sinister could be happening': FBI looks into dead or missing nuclear and space defense scientists tied to NASA, Blue Origin, and SpaceX
By Catherina GioinoApril 21, 2026
1 day ago
John Ternus, the man stepping into Tim Cook and Steve Jobs' shoes, is a 25-year Apple veteran with zero LinkedIn posts
C-Suite
John Ternus, the man stepping into Tim Cook and Steve Jobs' shoes, is a 25-year Apple veteran with zero LinkedIn posts
By Kelvin Chan and The Associated PressApril 21, 2026
2 days ago
$166 billion in tariff refunds just became available, but small businesses may already be at a disadvantage
Law
$166 billion in tariff refunds just became available, but small businesses may already be at a disadvantage
By Sasha RogelbergApril 20, 2026
2 days ago
Palantir published a mini manifesto calling some cultures ‘harmful’ and ‘middling’ and said Silicon Valley has ‘a moral debt’ to the U.S.
AI
Palantir published a mini manifesto calling some cultures ‘harmful’ and ‘middling’ and said Silicon Valley has ‘a moral debt’ to the U.S.
By Marco Quiroz-GutierrezApril 22, 2026
22 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.