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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large financial institutions on Wall Street throughout his career and has a track record of making political donations, primarily to the Republican party.
Written by Minho Kim
Writing from the nation
Stay updated with the most recent updates on the transition and selection of staff members for the Trump administration.
On Wednesday evening, President-elect Trump revealed his selection of Frank Bisignano, who serves as chairman of the large payment processing company Fiserv, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect shared on social media that Frank is a successful business leader known for turning around big companies. Frank will be in charge of ensuring that the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano rose to a prestigious role as a senior vice president at Shearson Lehman Brothers, a prominent investment bank in New York. Following his time at Shearson Lehman Brothers, he worked at other top 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 the rare few who received over $100 million in compensation that year, and his salary was over 2,000 times higher than the average employee at First Data Corporation, the company that later merged with Fiserv.
Mr. Bisignano has a track record of donating to Republican politicians. Financial records from federal election campaigns reveal that his wife, Tracy Bisignano, contributed close to $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 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 was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events as they happen and the impact of climate change. He works out of Washington, D.C. To learn more about Min
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