Transition of power
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Donald Trump has chosen Frank Bisignano, a banking executive with experience at top Wall Street banks, to head the Social Security Administration. Bisignano has a track record of donating to political causes, primarily supporting Republican candidates.
Written by Minho Kim.
Writing from the nation
Stay updated on the most recent developments 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, as the new 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 transformed major corporations in the past. He emphasized that Frank will be tasked with ensuring the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a high-ranking position at Shearson Lehman Brothers, a prominent investment bank in New York. He later worked at Morgan Stanley, Citigroup, and JPMorgan Chase & Company after spending almost five years at Shearson Lehman Brothers in the late 1980s. Shearson Lehman Brothers’ collapse in 2008 contributed to a global recession.
In 2017, Mr. Bisignano was named the second-highest-paid CEO in the United States. He was one of the rare few to earn over $100 million that year, receiving more than 2,000 times the average salary of an employee at his company, First Data Corporation. This company later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republicans. According to federal campaign finance records, his wife, Tracy Bisignano, contributed almost $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 eventually withdrew from the race.
On Wednesday, Donald Trump posted a detailed biography of Mr. Bisignano on social media, congratulating him and his family without revealing the position he would be appointed to. The president-elect later clarified the situation, putting an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events as they happen and the topic of climate change. He works out of Washington. Learn more about Minho Kim.
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