Transition of power
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President Trump has selected Frank Bisignano, a banking executive with extensive experience at top Wall Street banks, to head the Social Security Administration. Bisignano has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Writing from the city
Stay updated on the most recent updates regarding Trump’s transition process and the selection of his staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. The agency has over 1,200 field offices and nearly 60,000 workers.
The president-elect praised Frank as a skilled business leader who has successfully led major corporations in the past. The president-elect announced on social media that Frank will be tasked with fulfilling the Agency’s 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, which later collapsed in 2008 and contributed to a worldwide economic downturn. He spent almost five years at the bank in the late 1980s before transitioning to other prominent Wall Street banks including Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States, earning over $100 million that year. This amount was more than 2,000 times higher than the average salary of employees at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a focus on supporting Republican candidates. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed close to $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also donated $15,000 to the presidential campaign of Chris Christie, a Republican former governor of New Jersey who initially ran against Trump but eventually withdrew from the race.
Earlier in the day, Donald Trump posted a detailed biography of Mr. Bisignano on social media and sent his congratulations to him and his family without revealing the position he was being appointed to. Trump later clarified the situation, putting an end to the speculation about Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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