Transition of power
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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 donating to Republican politicians.
Written by Minho Kim
Reporting live from the
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 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 with a strong history of improving big companies. In a social media post, the president-elect stated that Frank will be in charge of fulfilling the Agency’s promise to the American people.
In his late 20s, Mr. Bisignano quickly rose to a senior vice president position at Shearson Lehman Brothers, a prominent investment bank in New York. Following the bank’s collapse in 2008, he transitioned to other major Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company over the course of nearly five years.
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 over 2,000 times the average salary of an employee at his company, First Data Corporation, which later combined with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. 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 former Republican governor of New Jersey, initially ran against Trump but later withdrew from the race.
Earlier in the day, Donald Trump shared a detailed biography of Mr. Bisignano on social media and offered congratulations to him and his family, without specifying the position to which Bisignano was being appointed. An hour later, the president-elect clarified the situation, putting an end to speculation about Bisignano’s future role.
Minho Kim reports on current events and the impact of climate change. He works out of Washington D.C. To learn more about Minho Kim, visit
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