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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large 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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On Wednesday night, 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. The agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect announced on social media that Frank, a successful business leader known for transforming big companies, will be tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent almost five years there 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 individuals who earned over $100 million that year and was paid over 2,000 times more than the average employee at First Data Corporation, the company that later merged with Fiserv.
Mr. Bisignano has a track record of donating money to political causes, mostly to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano gave almost $1 million to Donald Trump’s campaign in October. However, in November 2023, he supported Chris Christie’s presidential campaign with a $15,000 donation. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family without revealing the position he was being appointed to. An hour later, the president clarified the situation, putting an end to the speculation about Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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