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President Trump has chosen a banking executive, Frank Bisignano, to lead the Social Security Administration. Bisignano has worked at top Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
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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 praised Frank as a skilled business executive who has successfully led major companies in the past. He will now have the task of fulfilling the Agency’s promises to the American public.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he worked at several other prominent 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 country. He was one of the rare few who earned over $100 million that year and received a salary more than 2,000 times higher than the average employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a significant track record of donating to political causes, primarily to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed close to $1 million to Donald Trump’s campaign in October. However, in November 2023, he also 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 offered congratulations to him and his family, without specifying the position he was being appointed to. An hour later, the president clarified the situation, putting an end to speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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