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President Trump has chosen a banking executive, Frank Bisignano, to be the head of 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.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition process and his selections 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 announced on social media that Frank, a successful business leader known for turning around major companies, will be tasked with ensuring the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after role as a senior vice president at Shearson Lehman Brothers, a prominent investment bank that played a role in the 2008 financial crisis. He spent almost five years at Shearson before moving on to work at other big 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 executives to earn over $100 million that year and to receive a salary more than 2,000 times higher than the average employee at his company, First Data Corporation. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, primarily to Republican candidates. Financial records from federal campaign contributions reveal that his wife, Tracy Bisignano, gave almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and sent his congratulations to him and his family, without revealing the 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 future role.
Minho Kim reports on current events and issues related to climate change. He works out of Washington. For additional information about Minho Kim, please visit his
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