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Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked for big banks on Wall Street for many years and has a track record of donating to Republican politicians.
Authored by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and his choices for 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. This federal agency has over 1,200 field offices and nearly 60,000 workers.
The president-elect announced on social media that Frank, a successful business leader, will be tasked with overseeing the transformation of large corporations. He will be held accountable for ensuring the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. This investment bank collapsed in 2008, contributing to a worldwide economic downturn. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley and then moving on to 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 few who earned over $100 million that year and was compensated over 2,000 times the average salary of an employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a history of donating to political campaigns, mostly to Republican candidates. According to federal campaign finance reports, his wife Tracy Bisignano gave almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but later withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, without specifying the position he was being appointed to. An hour later, the president clarified the situation, putting an end to the speculation about Mr. Bisignano’s new job.
Minho Kim reports on urgent news and environmental issues, working from his location in Washington. To learn more about Minho Kim, click here.
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