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Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked for large Wall Street banks throughout his career and has a track record of donating to Republican politicians.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding Trump’s transition process and his selections 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 commissioner of the Social Security Administration. The Social Security Administration is a significant federal agency that operates over 1,200 field offices and employs nearly 60,000 people.
The president-elect announced on social media that Frank, a business leader known for successfully changing big companies, will be tasked with 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. This investment bank’s collapse in 2008 was a contributing factor to the global recession. After working at Shearson Lehman Brothers for nearly 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 individuals who earned over $100 million that year and received a salary more than 2,000 times higher than the average employee at his company, First Data Corporation. This company later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a focus on supporting 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 also donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican 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 and congratulated him and his family, but did not mention the position he was being appointed to. An hour later, the president-elect clarified the situation and put an end to speculation about Mr. Bisignano’s new job.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, please visit his profile.
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