Transition of power
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President Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked at big financial institutions on Wall Street for many years and has a track record of making political donations, mostly to Republican candidates.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his selections for staff positions.
Donald Trump, the upcoming President, revealed his selection of Frank Bisignano, who currently holds the position of chairman at Fiserv, a large payment processing company. Bisignano will be taking on the role of commissioner at the Social Security Administration, a significant government agency that operates over 1,200 field offices and employs close to 60,000 individuals.
The president-elect praised Frank as a skilled business leader who has successfully led major corporations in the past. He will have the important task of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following his nearly five-year stint 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 recession.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States. He was one of the very few executives who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of supporting political candidates, primarily Republicans. 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 Chris Christie’s presidential campaign. Christie, a Republican and former governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, without revealing the specific position Mr. Bisignano was being appointed to. An hour later, the president-elect clarified the situation and put an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, visit his profile.
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