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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked in top Wall Street banks throughout his career and has a track record of making political donations, mostly to Republican candidates.
Written by Minho Kim
Reporting live from the
Stay updated on the most recent developments regarding Trump’s transition process and the individuals he is choosing for his staff
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who serves as chairman of payment processing company Fiserv, as the new commissioner of the Social Security Administration. The Social Security Administration is a large federal agency with 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. He has been tasked with ensuring that the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano quickly rose to a senior vice president position at Shearson Lehman Brothers, a top investment bank in New York. Following the bank’s collapse in 2008, he spent nearly five years there before transitioning to other major 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 individuals to earn over $100 million that year and to receive a salary that was over 2,000 times higher than the average 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, primarily to Republicans. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano also donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, without specifying 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 from Washington. Learn more about Minho Kim.
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