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President Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked in top Wall Street banks throughout his career and has a track record of making political donations, mostly to Republican candidates.
Written by Minho Kim
Writing from the nation
Stay updated on the latest updates regarding Trump’s transition process and his choices for staff members.
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. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank as a business leader with a strong history of successfully changing big companies. The president-elect announced on social media that Frank will be in charge of ensuring 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 nearly 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 few who earned over $100 million that year and received over 2,000 times the salary of the average employee at First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, particularly to Republican candidates. According to federal campaign finance records, his wife, Tracy Bisignano, contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano decided to support Chris Christie’s presidential campaign by donating $15,000. 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 praised 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 role.
Minho Kim reports on current events and environmental issues, working out of Washington. For further information on Minho Kim, please visit his profile.
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