Transition of power
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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 supporting Republican politicians through political donations.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding Trump’s transition process and his selections for staff positions.
On Wednesday evening, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a major payment processing company, as the commissioner of the Social Security Administration. The Social Security Administration is a large federal agency with over 1,200 field offices and nearly 60,000 staff members.
The president-elect expressed on social media that Frank, a business leader, has a proven history of successfully changing big companies. Frank will be tasked with meeting the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano rose to a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent nearly five years there before moving on to work at other prominent 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 country, earning over $100 million that year. He received a salary at First Data Corporation that was more than 2,000 times higher than the average employee’s salary. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republicans. According to federal campaign finance records, his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he 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, President Trump shared a detailed biography of Mr. Bisignano on social media and offered congratulations to 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 upcoming role.
Minho Kim reports on current events and the impact of climate change. He is located in Washington, D.C. To learn more about Minho Kim,
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