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President Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked in top positions at various Wall Street banks throughout his career and has a track record of making political donations, with a focus on supporting Republican candidates.
Written by Minho Kim
Reporting live from the
Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is selecting for his staff
President-elect Trump revealed his decision to appoint Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect announced on social media that Frank, a skilled business leader, has a strong history of successfully changing big companies. Frank will be in charge 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 one of the rare few who received over $100 million in compensation that year, earning more than 2,000 times the average salary of an employee at his company, First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a focus on supporting Republican candidates. His wife, Tracy Bisignano, contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but later exited the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, click here.
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