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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 donating to political causes, with a focus on supporting Republican candidates.
Authored by Minho Kim
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On Wednesday night, President-elect Trump revealed his selection of 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 workers.
The president-elect posted on social media praising Frank as a successful business leader known for turning around big companies. Frank will now have the responsibility of ensuring the Agency fulfills its promises 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 transitioning to other prominent Wall Street banks, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the US. He was one of the rare individuals to earn over $100 million that year and to receive a salary that was over 2,000 times higher than the average employee at his company, First Data Corporation, which later combined with Fiserv.
Mr. Bisignano has a significant track record of donating to political causes, primarily to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed close to $1 million to Donald Trump’s campaign in October. However, in November 2023, he also 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, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and extended congratulations to him and his family, without revealing 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 upcoming role.
Minho Kim reports on current events and environmental issues, working from Washington. To learn more about Minho Kim, click here.
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