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 top Wall Street banks throughout his career and has a track record of donating to Republican politicians.
Written by Minho Kim
Updating from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his choices for staff positions.
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. The agency is a significant federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect expressed his confidence in Frank as a business leader with a strong history of successfully changing big companies. He stated on social media that Frank will have the responsibility of fulfilling the Agency’s promises 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. Following the bank’s collapse in 2008, he spent almost five years there before moving on to work at other prominent Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States. He was one of a small number of CEOs who received over $100 million in compensation that year, which was more than 2,000 times higher than the average salary of an employee at his company, First Data Corporation. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly towards Republican candidates. His wife, Tracy Bisignano, contributed almost $1 million to Mr. 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 later withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family. However, he did not mention the specific position that Mr. Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and the environment. He is located in Washington DC. Learn more about Minho Kim.
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