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Trump has chosen 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, with a focus on supporting Republican candidates.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition and the selection of his staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a major 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 known for successfully changing big companies in a social media post. Frank will be in charge of ensuring that the Agency fulfills its promises to the American People.
In his late 20s, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers, a prominent investment bank that played a role in the 2008 financial crisis. He spent almost five years at the bank during the late 1980s before transitioning to other well-known Wall Street banks like 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 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 merged with Fiserv.
Mr. Bisignano has a track record of supporting political candidates, mostly Republicans. According to federal campaign finance records, his wife Tracy Bisignano donated close to $1 million to Mr. Trump’s campaign in October. However, in November 2023, he contributed $15,000 to the presidential campaign of Chris Christie, a Republican ex-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, congratulating him and his family without specifying 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 future role.
Minho Kim reports on current events and environmental issues, working from Washington. To learn more about Minho Kim, click here.
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