Transition of Power
Prom
Donald Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked in large Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent information regarding Trump’s transition process and the individuals he is selecting for his staff
During a Wednesday night announcement, 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 companies in the past. He will have the important task of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired 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 spending close to five years at Shearson Lehman Brothers in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and eventually JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the US. He was one of the rare few who earned over $100 million that year, making more than 2,000 times the average salary of an employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. His wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also supported Chris Christie’s presidential campaign with a $15,000 donation. Christie, a Republican and former governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
Earlier today, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and offered congratulations to him and his family, without revealing the specific position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation surrounding Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working from Washington. To learn more about Minho Kim, click here.
Prom
Index of Pages
Navigation for Site Information