Transition of power
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Trump has chosen a banking executive named 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 donating to Republican political causes.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his selections 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 has over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank as a skilled business leader who has successfully turned around major companies in the past. He has been tasked with ensuring that the Agency fulfills its promises to the American people.
Mr. Bisignano quickly rose to a high-ranking position in the finance industry in New York when he was in his late twenties. He started as a senior vice president at Shearson Lehman Brothers, which later collapsed in 2008 and contributed to a worldwide economic downturn. After spending almost five years at Shearson Lehman Brothers in the late 1980s, he went on to work at 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 United States. He was one of the few executives who earned over $100 million that year and received a salary that was more than 2,000 times higher than the average employee at First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republicans. 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 supported Chris Christie’s presidential campaign with a $15,000 donation. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to speculation about Mr. Bisignano’s new job.
Minho Kim reports on current events and environmental issues, working from Washington. To learn more about Minho Kim, visit his profile.
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