Transition of Power
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Trump has selected a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked in top Wall Street banks throughout his career and has a track record of making political donations, mostly to Republican candidates.
Authored by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is choosing for his staff
During a Wednesday night announcement, President-elect Trump revealed that he had selected Frank Bisignano, who serves as 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 staff members.
The president-elect praised Frank as a successful business leader known for turning around big companies. He will be tasked with ensuring the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to a high-ranking position in the finance industry in New York. He started as a senior vice president at Shearson Lehman Brothers, which later collapsed in 2008, contributing to 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 individuals who received over $100 million in compensation that year and earned more than 2,000 times the average salary of an employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly favoring Republicans. According to federal campaign finance records, his wife Tracy Bisignano donated almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano contributed $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, before the announcement of Mr. Bisignano’s new position, Mr. Trump shared a detailed biography of him on social media. He congratulated Mr. Bisignano and his family without revealing the specific role he would be taking on. An hour later, the president-elect provided clarification, putting an end to the speculation surrounding Mr. Bisignano’s future job.
Minho Kim reports on current events and environmental issues, working from his home base in Washington. For additional information on Minho Kim, please visit his profile
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