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Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Written by Minho Kim.
Writing from the nation
Stay updated on the most recent updates regarding the transition process and the selections for Trump’s staff.
President-elect Trump revealed his decision on Wednesday evening to appoint Frank Bisignano, who currently serves as the chairman of Fiserv, a large payment processing company, as the 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 skilled business leader, has a strong history of successfully changing big companies. Frank will have the important task of fulfilling the Agency’s promise to the American People.
In his late 20s, Mr. Bisignano quickly rose to a senior vice president role at Shearson Lehman Brothers, a prestigious investment bank in New York. Following the bank’s collapse in 2008, he spent nearly 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 the rare few who received over $100 million in compensation that year, earning more than 2,000 times the average salary of an employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of supporting political candidates, with a focus on Republicans. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he 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 shared a detailed biography of Mr. Bisignano on social media and offered congratulations to him and his family, without revealing the specific position Mr. Bisignano was being appointed to. However, the president-elect clarified an hour later, putting an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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