Trump Transition
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Donald Trump has selected a banking executive named Frank Bisignano to be in charge of the Social Security Administration. Bisignano has worked in prominent banks on Wall Street for many years and has a track record of donating to political causes, with a focus on supporting Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent updates regarding Trump’s transition process and the selection of his staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect announced on social media that Frank, a business leader known for successfully changing big companies, will be in charge of ensuring the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the New York finance industry 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 landing at JPMorgan Chase & Company.
In 2017, Mr. Bisignano was named the second highest-paid CEO in the country. He was one of the few CEOs 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. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. According to federal campaign finance reports, his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed Trump but later withdrew from the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family without revealing the specific 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, with his location being in Washington. For additional information on Minho Kim, please visit his profile.
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