Transition of power
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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 supporting Republican politicians through his political donations.
Written by Minho Kim
Writing from the capital
Stay updated on the most recent developments in 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, the chairman of Fiserv, a large payment processing company, for the position of commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank as a successful business leader who has a proven record of turning around big companies. He mentioned in a social media post that Frank will have the task of fulfilling the Agency’s promise to the American People.
In his late 20s, Mr. Bisignano achieved a highly desirable 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 transitioning to other prominent 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 executives who received over $100 million in compensation that year, earning over 2,000 times the average salary of employees at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of supporting Republican candidates through political donations. According to federal campaign finance records, his wife, Tracy Bisignano, gave almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he contributed $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, President Trump shared 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-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, with a focus on climate change. He works in Washington, D.C. To learn more about Min
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