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 prominent Wall Street banks throughout his career and has a track record of making political donations, largely to the Republican party.
Authored 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 that he had selected Frank Bisignano, the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. This 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 successful business leader known for turning around big companies, will be in charge of fulfilling the Agency’s promises to the American people.
In his late twenties, Mr. Bisignano quickly rose to a senior vice president position at Shearson Lehman Brothers, a prestigious investment bank in New York. Following the bank’s collapse in 2008, he spent almost five years there before transitioning to other prominent Wall Street institutions, 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 few who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at First Data Corporation, which later combined with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to 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 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 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 the speculation about Mr. Bisignano’s new job.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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