Transition of power
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Donald Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large Wall Street banks for many years and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his selections for staff positions.
The incoming President Trump revealed his selection of Frank Bisignano, who serves as the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 staff members.
The president-elect expressed on social media that Frank is a successful business leader known for turning around big companies. He will be in charge of ensuring that the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano landed a highly desired role as a senior vice president at Shearson Lehman Brothers, a prominent investment bank in New York. Following his time at Shearson Lehman Brothers in the late 1980s, he transitioned to other leading Wall Street banks, starting with Morgan Stanley, then moving on to Citigroup, and ultimately joining 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 executives to receive over $100 million in compensation that year, earning more than 2,000 times the average salary of an employee at First Data Corporation, where he worked before it merged with Fiserv.
For many years, Mr. Bisignano has consistently made political donations, mostly to Republicans. Records from federal campaign finance reveal that his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed Trump but eventually withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the specific position he was being appointed to. An hour later, the president clarified the situation, putting an end to the speculation about Mr. Bisignano’s new job.
Minho Kim reports on current events as they happen and the impact of climate change. He is located in Washington. To learn more about Minho Kim,
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