Transition of power
Prom
Trump has selected 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.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his selections for staff positions.
On Wednesday night, President-elect Trump revealed that he selected Frank Bisignano, the chairman of Fiserv, a large 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 praised Frank for his strong leadership skills and successful history of turning around big companies in a social media post. He will have the responsibility of fulfilling the Agency’s promises to the American people.
In his late twenties, Mr. Bisignano rose to a highly sought-after position in the New York financial industry as a senior vice president at Shearson Lehman Brothers, which later collapsed in 2008, contributing to a worldwide economic downturn. After spending almost five years at Shearson Lehman Brothers in the late 1980s, he went on to work at other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and eventually landing at 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 receive a salary more than 2,000 times higher than the average employee at his company, First Data Corporation. Eventually, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, primarily to Republican candidates. 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 Republican and former governor of New Jersey, initially ran on an anti-Trump platform 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 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 new role.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
Prom
Index of the website
Navigation information for the website