Transition of power
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Trump has selected 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 political candidates.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent information regarding Trump’s transition process and his selection of staff members.
During a Wednesday night announcement, President-elect Trump revealed his selection of Frank Bisignano, who currently serves as chairman of Fiserv, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 staff members.
The president-elect expressed on social media that Frank is a highly accomplished business leader known for successfully changing the direction of big companies. Frank has been tasked with ensuring that the Agency fulfills its promises to the American People.
In his late 20s, Mr. Bisignano landed a highly sought-after role as a senior vice president at Shearson Lehman Brothers, a prominent investment bank in New York. Following his time at the bank in the late 1980s, he went on to work at other big Wall Street institutions including Morgan Stanley, Citigroup, and JPMorgan Chase & Company. Shearson Lehman Brothers’ collapse in 2008 contributed to a global economic downturn.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the country, earning over $100 million that year. His compensation was over 2,000 times higher than the average salary of employees at First Data Corporation, where he worked before the company merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano donated close to $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself contributed $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, Trump shared a detailed biography of Bisignano on social media and congratulated him and his family, without revealing the specific position he was being appointed to. An hour later, Trump clarified the situation, putting an end to the speculation about Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working from his location in Washington. To learn more about Minho Kim, visit his profile.
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