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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked in top Wall Street banks throughout his career and has a reputation for donating to Republican politicians.
Authored by Minho Kim
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On Wednesday night, President-elect Trump revealed his selection for the position of commissioner of the Social Security Administration. He chose Frank Bisignano, who currently serves as chairman of Fiserv, a large payment processing company. The Social Security Administration is a significant federal agency, overseeing over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank for his success in revitalizing major companies and announced on social media that he will be entrusted with ensuring the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 contributed to a worldwide economic downturn. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving on to Citigroup, and finally landing at 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 received over $100 million in compensation that year and earned more than 2,000 times the average salary of an employee at his company, First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a extensive record of donating to political causes, primarily supporting 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, he also donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed Trump but later 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 the environment, specifically focusing on climate change. He works out of Washington, D.C. To learn more about Min
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