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Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked at top Wall Street banks throughout his career and has a track record of donating to political causes, with a focus on supporting Republican candidates.
Written by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition and the selection of his staff members.
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 business leader with a strong history of successfully changing big companies. The president-elect stated on social media that Frank will have the important task of fulfilling the Agency’s promise to the American people.
In his late twenties, Mr. Bisignano achieved a highly desired position in the New York finance sector as a senior vice president at Shearson Lehman Brothers, a now-defunct investment bank that played a role in the 2008 global recession. Following his time at Shearson Lehman Brothers in the late 1980s, he went on to work at 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 one of the few executives who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating money to political causes, mostly favoring Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano gave almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also contributed $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 shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the specific position he was being named to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s next job.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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