Transitioning to
Prom
President Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked for prominent Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay up to date on the most recent updates regarding Trump’s transition process and the individuals he is selecting for
During a Wednesday night announcement, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a major payment processing company, as his choice for the commissioner of 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 skilled business leader who has successfully led major corporations in the past. He stated that Frank will have the responsibility of fulfilling the Agency’s promises to the American people.
Mr. Bisignano quickly rose to a high-ranking position in the New York finance industry in his late 20s when he became a senior vice president at Shearson Lehman Brothers, a prominent investment bank. He worked at the bank for almost five years in the late 1980s before transitioning to other well-known Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was recognized as the second highest-paid CEO in the United States. He was one of the few executives who earned over $100 million that year and received a salary that was more than 2,000 times higher than the average employee at his company, First Data Corporation. This company later merged with Fiserv.
Mr. Bisignano has a record of making political donations, mostly to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed close to $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 former Republican governor of New Jersey, initially ran against Trump but later withdrew from the race.
On Wednesday, President 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 clarified the situation, putting an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and the impact of climate change. He works out of Washington, D.C. Learn more about Minho Kim.
Prom
Index of the Website
Navigation for Site Information