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President Trump has chosen Frank Bisignano, a banking executive with experience at large Wall Street banks, to lead the Social Security Administration. Bisignano is known for his extensive political donations, which have primarily supported Republican candidates.
Written by Minho Kim.
Reporting from the capital
Stay updated on the most recent developments regarding Trump’s transition process and the individuals he is choosing for his staff
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who currently serves as the chairman of the large payment processing company Fiserv, to lead 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 skilled business leader who has successfully revamped major companies. In a social media post, the president-elect stated that Frank will have the important task of fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano rose to a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following almost five years at the bank in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and finally to JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the country, earning over $100 million that year. He received a salary that was more than 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed close to $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also donated $15,000 to Chris Christie’s presidential campaign. 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 congratulated 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 upcoming job.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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