Transition of Power
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Trump has chosen Frank Bisignano, a banking executive with experience at prominent Wall Street banks, to head the Social Security Administration. Bisignano has a track record of supporting Republican political candidates through donations.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent updates regarding Trump’s transition process and his choices for staff positions.
During a Wednesday night announcement, President-elect Trump revealed his selection of Frank Bisignano, who currently serves as the chairman of Fiserv, a prominent payment processing company, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect announced on social media that Frank, who has a strong history of successfully changing big companies, will be in charge of ensuring the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the finance industry in New York as a senior vice president at Shearson Lehman Brothers. After working at the bank for almost five years in the late 1980s, he transitioned to other prominent Wall Street banks, including 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 select few who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at his company, First Data Corporation. Eventually, First Data Corporation merged with Fiserv.
Mr. Bisignano has a record of supporting political candidates, mostly from the Republican party. According to federal campaign finance records, his wife Tracy Bisignano donated close to $1 million to Donald Trump’s campaign in October. However, in November 2023, he contributed $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, President Trump shared 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. To learn more about Minho Kim, visit his profile.
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