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The Trump administration has chosen Frank Bisignano, a banking executive with experience at top Wall Street banks, to head the Social Security Administration. Bisignano 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 developments regarding Trump’s transition process and his choices for staff positions.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who serves as chairman of Fiserv, a major 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 praised Frank as a capable business leader who has a proven history of successfully changing big companies. The president-elect also mentioned that Frank will have the responsibility to fulfill the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 was a contributing factor to the global recession. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving on to Citigroup, and finally JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was one of the few executives who earned over $100 million that year and received a salary more than 2,000 times higher than the average employee at First Data Corporation. This company later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a focus on supporting Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed close to $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but later ended his campaign.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media, congratulating 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 job.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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