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President Trump has chosen a banking executive named 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, primarily to Republican candidates.
Authored by Minho Kim
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Stay updated on the most recent developments regarding Trump’s transition process and his selection of staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who serves as chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. The agency is a significant federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect announced on social media that Frank, a skilled business leader known for successfully changing big companies, will be in charge of fulfilling the Agency’s promise to the American people.
In his late 20s, Mr. Bisignano quickly rose to a prestigious role as a senior vice president at Shearson Lehman Brothers, a prominent investment bank. Following the bank’s collapse in 2008, he spent nearly five years there before transitioning to other top Wall Street banks 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 few who earned over $100 million that year and received a salary more than 2,000 times higher than the average employee at his company, First Data Corporation. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, primarily to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed Trump but eventually withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the position he was being appointed to. An hour later, the president clarified the situation, putting an end to speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington DC. Learn more about Minho Kim by clicking on the provided link.
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