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President Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of making political donations, with a focus on supporting Republican candidates.
Authored by Minho Kim
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Stay updated on the most recent updates concerning Trump’s transition process and his selections for staff members.
On Wednesday evening, President-elect Trump revealed his selection of Frank Bisignano, who currently serves as the chairman of Fiserv, a major 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 announced on social media that Frank, a business leader with a successful history of changing big companies, will be in charge of fulfilling the Agency’s promises to the American people.
In his late twenties, Mr. Bisignano quickly rose to a prestigious position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent almost five years there before moving on to work at other prominent Wall Street banks like 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 earned over $100 million that year and received a salary more than 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 significant track record of donating to political campaigns, mostly to Republican candidates. According to federal campaign finance records, his wife, Tracy Bisignano, contributed nearly $1 million to Donald Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a Republican former governor of New Jersey who initially ran against Trump but later withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media, congratulating him and his family but not revealing the position he was being appointed to. An hour later, the president clarified the announcement, putting an end to the speculation about Mr. Bisignano’s next role.
Minho Kim reports on current events and environmental issues, working out of Washington, D.C. To learn more about Minho Kim, visit his profile.
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