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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large Wall Street banks throughout his career and has a track record of making political donations, largely to Republican candidates.
Written by Minho Kim
Writing from the capital
Stay updated on the most recent developments in Trump’s transition process and his choices for staff positions.
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. The agency is a significant federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect announced on social media that Frank, a skilled business leader with a history of successfully changing big companies, will be in charge of fulfilling the Agency’s promise to the American People.
In his late twenties, Mr. Bisignano achieved a high-ranking position at Shearson Lehman Brothers, a prominent investment bank in New York. Following the bank’s collapse in 2008, he transitioned to other big Wall Street banks like Morgan Stanley, Citigroup, and JPMorgan Chase & Company over the course of nearly five years.
In 2017, Mr. Bisignano was named 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. This company later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly 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, 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 eventually withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media and offered congratulations to him and his family without mentioning the specific position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s future job.
Minho Kim reports on current events and environmental issues, with his work centered in Washington. Learn more about Minho Kim.
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