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Trump has selected a banking executive, 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 nation
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During a Wednesday night announcement, 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 federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank as a business leader with a successful history of improving big companies. He will have the important role of fulfilling the Agency’s promise to the American People.
In his late twenties, Mr. Bisignano achieved a high-ranking position at Shearson Lehman Brothers, a prominent investment bank in New York. He worked there for almost five years before transitioning to other major Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 contributed to a global economic downturn.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was one of the only executives to earn over $100 million that year and receive a salary more than 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a extensive record of donating to political causes, primarily to Republican candidates. According to federal campaign finance reports, his wife Tracy Bisignano gave almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed 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 role.
Minho Kim reports on current events and issues related to climate change. He is located in Washington, D.C. For more information about Minho Kim,
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