Podcast Episode Details
Back to Podcast Episodes
IRS Undergoes Major Leadership Shake-up Amid Shutdown Challenges
Listeners, in a notable move this week, Treasury Secretary Scott Bessent confirmed he will retain his position as acting commissioner of the Internal Revenue Service, while announcing a major new leadership appointment. Social Security Administration Commissioner Frank Bisignano has been tapped as Chief Executive Officer of the IRS, a newly created role placing him in charge of all day-to-day IRS operations. Bisignano will continue leading the Social Security Administration while reporting directly to Bessent, marking an unusual convergence of top federal agency leadership according to both Mitrade and Dow Jones.
This move arrives amid intense pressure on the IRS, with the agency facing potential layoffs and service disruptions if the federal government shutdown continues beyond five business days. Bessent and Bisignano now jointly face the challenge of maintaining taxpayer services at a time when the agency says it may have to furlough 35 thousand of its 75 thousand employees. The American Institute of Certified Public Accountants has urged the IRS to avoid layoffs, warning that taking staff offline during this crucial tax season will deepen stress for both taxpayers and businesses. The IRS is still processing returns and implementing President Trump’s recent multi trillion dollar tax and spending initiative, which puts additional strain on resources if the shutdown continues.
Frank Bisignano brings significant experience from both government and private sector finance, having previously served as head of Fiserv and held senior posts at J-P Morgan Chase and Citigroup. Secretary Bessent praised Bisignano’s tenure at the Social Security Administration and underscored the IRS’s renewed focus on collections, privacy, and customer service to better serve Americans. The creation of a chief executive position at the IRS is rare and lets the administration quickly place a trusted appointee in charge without Senate confirmation, as reported by Morningstar’s Dow Jones coverage.
Separately, Secretary Bessent is also actively working with President Trump to select a new Federal Reserve chair as Jerome Powell’s term approaches expiration in May 2026. Eleven candidates have already been interviewed, with a shortlist expected to be sent to the President soon.
Thanks for tuning in to today’s episode. Be sure to subscribe to stay updated on the latest Treasury and financial news. This has been a quiet please production, for more check out quiet please dot ai.
For more http://www.quietplease.ai
Get the best deals https://amzn.to/3ODvOta
This content was created in partnership and with the help of Artificial Intelligence AI
Published on 1 week ago