Transitioning from
Prom
President Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked at large banks on Wall Street throughout his career and has a track record of making political donations, mostly to Republican candidates.
Written by Minho Kim
Reporting from the nation
Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is choosing to fill his
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, 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 president-elect announced on social media that Frank, a skilled business leader, has a proven record of successfully changing big companies. He has been tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008 and the subsequent global recession, he spent almost five years at Shearson Lehman Brothers before transitioning to 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 who received over $100 million in compensation that year and earned more than 2,000 times the average salary of an employee at his company, First Data Corporation, which later combined 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 close to $1 million to support Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself donated $15,000 to the presidential campaign of Chris Christie, a Republican ex-governor of New Jersey who initially ran against Trump but eventually withdrew from the race.
On Wednesday, Trump shared a detailed biography of Bisignano on social media, congratulating him and his family without revealing the position he was being appointed to. An hour later, Trump clarified the situation, putting an end to the speculation about Bisignano’s new role.
Minho Kim specializes in reporting on current events as well as climate change and is located in Washington. To learn more about Minho Kim, click here.
Prom
Index of Pages
Navigation for Site Information