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 large financial institutions on Wall Street throughout his career and has a track record of making political donations, primarily to the Republican party.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding 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. 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 led major corporations in the past. The president-elect announced on social media that Frank will be tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to a senior vice president position at Shearson Lehman Brothers, a prominent investment bank in New York. He later worked at Morgan Stanley, Citigroup, and JPMorgan Chase & Company after spending almost five years at Shearson Lehman Brothers in the late 1980s. Shearson Lehman Brothers’ collapse in 2008 contributed to a global recession.
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 that was 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 making political donations, with a focus on supporting Republican candidates. 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, Mr. Bisignano 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 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 the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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