Transition of Power
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Trump has chosen 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 making political donations, largely in support of 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 major payment processing company, to lead the Social Security Administration. This agency is a large federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect announced on social media that Frank, a business leader known for successfully transforming large corporations, will be tasked with upholding the Agency’s promise to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the finance industry in New York 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 to Citigroup, and eventually joining 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 executives who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at his company, First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of supporting political campaigns, primarily those of 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 donated $15,000 to Chris Christie’s presidential campaign. Christie, a Republican and former governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media, congratulating him and his family without revealing the position he would be taking. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s future job.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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