Transition of power
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Trump has chosen a banking executive named 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 making political donations, mostly to Republican candidates.
Authored by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and the individuals being selected for his staff positions
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 employees.
The president-elect praised Frank as a skilled business leader known for successfully changing big companies. He will have the important task of fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the finance industry in New York as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent nearly five years there before moving on to work at 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 country. He was one of the rare individuals to earn over $100 million that year and to receive a salary over 2,000 times higher than the average employee at his company, First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly towards the Republican party. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed 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 Republican and former governor of New Jersey. Christie initially ran against Trump 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 without revealing the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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