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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Written by Minho Kim
Updating from the nation
Stay updated on the most recent updates regarding Trump’s transition and the individuals he chooses for his staff.
During a Wednesday night announcement, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new commissioner of the Social Security Administration. The Social Security Administration is a significant federal agency with over 1,200 field offices and nearly 60,000 staff members.
The president-elect expressed on social media that Frank is a skilled business leader who has successfully led major corporations through transformations. Frank will have the responsibility of ensuring that the Agency fulfills its promises to the American People.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, which contributed to a worldwide economic downturn, he spent almost five years there before transitioning to other prominent Wall Street institutions such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was among the select few who received over $100 million in compensation that year, exceeding the average employee’s salary at his company, First Data Corporation, by more than 2,000 times. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of donating to political campaigns, mostly for Republicans. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he supported Chris Christie’s presidential campaign with a $15,000 donation. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, without revealing the position he was appointed to. An hour later, the president clarified the situation, putting an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and issues related to the environment. He works out of Washington. Learn more about Minho Kim.
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