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Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked for large Wall Street banks throughout his career and has a track record of donating politically, with a focus on supporting Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay up to date on the most recent updates regarding Trump’s transition process and the individuals he is selecting for
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. The agency, which has over 1,200 field offices and nearly 60,000 staff members, is a significant federal entity.
The president-elect praised Frank as a skilled business leader with a proven history of successfully changing big companies. The president-elect also stated that Frank will be in charge of ensuring the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the collapse of the bank in 2008, which contributed to a worldwide economic downturn, he spent almost five years there before transitioning to other prominent Wall Street institutions 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 made over $100 million that year and received a salary over 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a significant track record of donating to political causes, primarily supporting Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself donated $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, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s future job.
Minho Kim reports on current events and climate issues. He works out of Washington. To learn more about Minho Kim, click here.
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