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Trump has selected a banking executive named 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 donating to political causes, primarily supporting Republican candidates.
Authored by Minho Kim
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On Wednesday night, President-elect Trump revealed that he had selected Frank Bisignano, the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. The agency is a significant federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect expressed on social media that Frank, a business leader with a strong history of successfully changing big companies, has been chosen for a role in delivering on the Agency’s promises to the American People.
In his late 20s, Mr. Bisignano achieved a prestigious role in the New York finance industry as a senior vice president at Shearson Lehman Brothers. He spent almost five years at the bank in the late 1980s before transitioning to other prominent Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 had a significant impact on the global economy.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States. He was one of a small number of executives 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, which later combined with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially opposed Trump but later withdrew from the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and offered his congratulations to him and his family without revealing the specific 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. Learn more about Minho Kim.
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