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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
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On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large 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 praised Frank as a skilled business leader who has successfully turned around major companies in the past. He will have the important task of fulfilling the Agency’s promise to the American people.
In his late twenties, Mr. Bisignano achieved a highly desirable position as a senior vice president at Shearson Lehman Brothers, a prominent investment bank in New York. Following his time at the bank in the late 1980s, he transitioned to other major 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 rare individuals who earned over $100 million that year and received a salary that was more than 2,000 times the average employee’s salary at First Data Corporation, the company that 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 almost $1 million to Mr. Trump’s election campaign in October. However, in November 2023, Mr. Bisignano supported Chris Christie’s presidential campaign with a donation of $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 congratulated him and his family, without revealing the specific position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation surrounding Mr. Bisignano’s future role.
Minho Kim reports on current events and the environment. He works in Washington. Find out more information about Minho Kim.
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