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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at big Wall Street banks for many years 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 updates regarding Trump’s transition process and the individuals he is selecting for his staff
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large 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 announced on social media that Frank, a skilled business leader with a successful history of improving big companies, will be entrusted with delivering on the Agency’s promises to the American people.
In his late twenties, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent nearly five years there before transitioning to other prominent Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was one of the rare few who received over $100 million in compensation that year, earning more than 2,000 times the average salary of an employee at his company, First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a significant track record of donating to political causes, primarily supporting Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, he also donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially ran against Trump but later withdrew from the race.
On Wednesday, Trump posted a detailed biography of Bisignano on social media and congratulated him and his family, but did not mention the specific position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to speculation about Bisignano’s upcoming role.
Minho Kim reports on recent news events and the topic of climate change. He works in Washington and you can find more information about him on his bio page
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