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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large Wall Street banks throughout his career and has a track record of donating to Republican political causes.
Written by Minho Kim
Writing from the nation
Stay updated on the most recent developments in Trump’s transition process and the individuals he is selecting for his staff
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. The agency has 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. He stated on social media that Frank will have the responsibility of ensuring the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the collapse of the investment bank in 2008, he spent almost 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 United States. He was one of the rare few who earned over $100 million that year and received a salary over 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of supporting political candidates, particularly those from the Republican party. According to federal campaign finance records, his wife, Tracy Bisignano, contributed nearly $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but later withdrew from the race.
On Wednesday, President Trump posted 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 clarified the situation, putting an end to speculation about Mr. Bisignano’s new role.
Minho Kim reports on urgent news stories and the effects of climate change. He is located in Washington, D.C. To learn more about Minho Kim
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