Transition of Power
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President Trump has chosen Frank Bisignano, a banking executive with experience at large Wall Street banks, to lead the Social Security Administration. Throughout his career, Bisignano has made significant donations to political causes, particularly those affiliated with the Republican party.
Authored by Minho Kim
Writing from the capital
Stay updated with the most recent updates on Trump’s transition process and the individuals he chooses to join his staff
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new commissioner of the Social Security Administration. The SSA is a significant federal agency that operates over 1,200 field offices and employs nearly 60,000 people.
The president-elect praised Frank as a skilled business leader who has a proven record of successfully changing the direction of big companies. He will have the important task of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to a high-ranking position at Shearson Lehman Brothers, a prominent investment bank in New York. Following the bank’s collapse in 2008, he transitioned to other top Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was noted as the second-highest-paid CEO in the United States, receiving over $100 million in compensation that year. This amount was over 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 making political donations, mostly to Republican candidates. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also donated $15,000 to Chris Christie’s presidential campaign. Christie, a Republican and former governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
Before Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and offered congratulations to him and his family, without specifying the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation surrounding Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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