Transition of power
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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at well-known Wall Street banks throughout his career and has a track record of making political donations, largely to Republican candidates.
Authored by Minho Kim
Updating from the capital
Stay updated on the most recent updates concerning Trump’s transition and the individuals he is choosing for his staff.
President-elect Trump revealed on Wednesday that he had selected Frank Bisignano, who serves as the chairman of Fiserv, a major payment processing company, to lead the Social Security Administration. This agency is a large federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect expressed on social media that Frank is a successful business leader known for his ability to turn around big companies. He will be in charge of fulfilling the Agency’s promise to the American people.
In his late 20s, Mr. Bisignano secured 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 Shearson Lehman Brothers in the late 1980s, he went on to work at other major Wall Street banks, including 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 individuals who earned over $100 million that year and received a salary over 2,000 times higher than the average employee at his company, First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. His wife, Tracy Bisignano, contributed nearly $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran on an anti-Trump platform but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and offered congratulations to him and his family, without revealing the specific role for which Mr. Bisignano was being appointed. An hour later, the president-elect clarified the situation, putting an end to the speculation surrounding Mr. Bisignano’s future job.
Minho Kim reports on current events and environmental issues, with his home base in Washington. To learn more about Minho Kim, visit his profile.
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