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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 making political donations, mostly to Republicans.
Written by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and his selections for staff positions.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, 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 employees.
The president-elect praised Frank as a successful business leader known for his ability to turn around big companies. He will have the important task of fulfilling the Agency’s promise to the American people.
In his late 20s, Mr. Bisignano rose to a highly sought-after position in the New York finance sector as a senior vice president at Shearson Lehman Brothers. Following his time at the bank in the late 1980s, he went on to work at other prominent Wall Street banks, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 contributed to a global economic downturn.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the country, earning over $100 million and receiving a salary over 2,000 times higher than the average employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a record of donating to political causes, with a focus on supporting Republican candidates. According to federal campaign finance reports, his wife, Tracy Bisignano, contributed close to $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself donated $15,000 to Chris Christie’s presidential campaign. Christie, a Republican and former governor of New Jersey, initially ran as an anti-Trump candidate but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media, congratulating him and his family without specifying the position he was appointed to. However, an hour later, the president clarified the situation and put an end to the speculation surrounding Mr. Bisignano’s new job.
Minho Kim reports on current events that are developing quickly and the topic of climate change. He works out of Washington. Learn more about Minho Kim and
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