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President Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked for big Wall Street banks throughout his career and has a track record of making political donations, predominantly to Republicans.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent updates regarding the transition and staff selections for Trump’s administration.
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 agency oversees over 1,200 field offices and employs nearly 60,000 individuals.
The president-elect expressed on social media that Frank is a business leader with a strong history of successfully changing big companies. He will have the responsibility 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 finance industry in New York as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 contributed to a worldwide economic downturn. Following his time at Shearson Lehman Brothers for almost five years in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and finally to JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States, earning over $100 million that year. This made him one of the few executives to receive such a high compensation, which was over 2,000 times the average salary of employees at his company, First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of making political donations, most of which have gone to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed close to $1 million to support Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself 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.
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 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, and is located in Washington. Learn more about Minho Kim.
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