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 various large Wall Street banks throughout his career and has a track record of making political donations, with a focus on supporting Republican candidates.
Authored by Minho Kim
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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, who currently serves as 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 workers.
The president-elect praised Frank as a skilled business leader who has a proven history of successfully changing big companies. The president-elect announced on social media that Frank will have the responsibility of fulfilling the Agency’s promise to the American people.
In his late 20s, Mr. Bisignano rose to a highly sought-after position in the finance industry in New York as a senior vice president at Shearson Lehman Brothers. Following his time at the bank in the late 1980s, he went on to work at other prominent Wall Street banks including Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 contributed to a global economic downturn.
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 that was more than 2,000 times higher than the average employee at his company, First Data Corporation, which later combined with Fiserv.
Mr. Bisignano has a track record of making political donations, primarily to Republicans. According to federal campaign finance records, his wife, Tracy Bisignano, contributed nearly $1 million to Mr. Trump’s campaign in October. However, in November 2023, he supported Chris Christie’s presidential campaign with a donation of $15,000. 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, without mentioning the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to speculation about Mr. Bisignano’s next role.
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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