Transition of power
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The Social Security Administration will be led by Frank Bisignano, a banking executive chosen by Trump. Bisignano has worked at large Wall Street banks throughout his career and has a track record of making political donations, predominantly to Republican candidates.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is selecting for his staff
Donald Trump, who has been elected as the president, revealed on Wednesday evening that he had selected Frank Bisignano, who serves as the 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 incoming president praised Frank as a skilled business executive who has a proven history of successfully changing big companies. The president-elect announced on social media that Frank will be in charge of ensuring that the Agency fulfills its promises to the American public.
In his late twenties, Mr. Bisignano quickly rose to a prestigious position in the finance industry in New York as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent almost 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 to earn over $100 million that year, receiving a salary that was over 2,000 times higher than the average employee at First Data Corporation. Eventually, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. Federal records reveal that his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but later 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 speculation about Mr. Bisignano’s future job.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, visit his profile.
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