Trump’s transition
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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked in the financial industry for many years, primarily at large Wall Street banks. He has also made significant donations to Republican political causes throughout his career.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent information regarding Trump’s transition process and the selection of his staff members.
On Wednesday evening, 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. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank for his impressive history of successfully changing big companies, stating that he will be in charge of fulfilling the Agency’s promises to the American People.
In his late 20s, Mr. Bisignano rose to a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following his time at the bank in the late 1980s, he went on to work at other prominent Wall Street banks, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 had a significant impact on the global economy, leading to a recession.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States, receiving over $100 million in compensation. This amount was over 2,000 times higher than the average salary of employees at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, primarily to Republican candidates. According to federal campaign finance records, 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 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 specific 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 next role.
Minho Kim reports on current events and environmental issues, with his location being in Washington. Learn more about Minho Kim.
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