Transition of power
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President Trump has chosen Frank Bisignano, a banking executive with experience at large financial institutions, to lead the Social Security Administration. Bisignano has a record of supporting Republican politicians through political donations throughout his career.
Written by Minho Kim
Reporting live from the
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, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect wrote on social media that Frank, a business leader, has a strong history of successfully changing big companies. Frank has been tasked with ensuring that the Agency fulfills its promise to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent almost five years there before moving on to work at other prominent Wall Street institutions such as 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 his company, First Data Corporation. Eventually, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, primarily to the Republican party. 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 on an anti-Trump platform but eventually withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media, congratulating him and his family. However, he did not mention the position that Mr. Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington, D.C. For more information about Minho Kim, please visit his profile
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