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Trump has selected 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
Reporting live from the
Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is selecting for his staff
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 has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank as a skilled business leader with a successful history of improving major corporations. The president-elect stated on social media that Frank will be tasked with fulfilling the Agency’s promise to the American people.
In his late twenties, Mr. Bisignano quickly rose to a prestigious position in the finance industry in New York. He started as a senior vice president at Shearson Lehman Brothers, a well-known investment bank that collapsed in 2008, triggering a worldwide economic downturn. After spending almost five years at Shearson Lehman Brothers in the late 1980s, he went on to work at other prominent Wall Street banks, including 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 executives to receive over $100 million in compensation that year, which was more than 2,000 times the salary of the average employee at First Data Corporation. The company later merged with Fiserv.
Mr. Bisignano has a extensive track record of donating to political causes, primarily favoring Republicans. Official financial records from federal campaigns indicate that his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he supported Chris Christie’s presidential campaign with a $15,000 donation. Christie, a former Republican governor of New Jersey, initially opposed Trump but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media, congratulating him and his family without revealing the position he was appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues, working out of Washington D.C. You can learn more about Minho Kim by visiting his profile.
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