The CEO of a global investment company believes Social Security could be reformed by switching to retirement savings similar to that of Australians.

While some changes to the Social Security Administration went into effect this week, the agency has also addressed rumors about its communications.

Senate Democrats questioned Frank Bisignano on privatization of the federal agency’s function during a confirmation hearing Tuesday.

Frank Bisignano, a Wall Street veteran, will face Congress this week as President Trump’s pick to lead the Social Security Administration.Credit...Joe Buglewicz/Bloomberg Supported by By Andrew ...