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Donald Trump has selected a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked for big Wall Street banks throughout his career and has a track record of making political donations, mostly to Republican candidates.
Authored by Minho Kim
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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 agency is a significant federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank as a skilled business leader who has successfully transformed major corporations in the past. Through a social media post, the president-elect announced that Frank will be tasked with ensuring that 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. The collapse of this investment bank in 2008 contributed to a worldwide economic downturn. He spent nearly five years at Shearson Lehman Brothers in the late 1980s before transitioning to other prominent 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 among a small group of executives who received over $100 million that year and earned more than 2,000 times the average salary of an employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. According to federal campaign finance records, his wife, Tracy Bisignano, gave almost $1 million to support Mr. Trump’s campaign in October. However, in November 2023, he contributed $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially ran against Trump but later 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 about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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