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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 making political donations, mostly to Republican candidates.
Authored by Minho Kim
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On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new commissioner of 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 successful business leader known for successfully changing big companies. He will have the task of fulfilling the Agency’s promise to the American people.
Mr. Bisignano quickly rose to a high-ranking position in the New York finance industry in his late 20s, becoming a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent almost five years there before moving on to work at other prominent Wall Street institutions like 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. This amount was over 2,000 times higher than the average salary of an employee at First Data Corporation, the company that later merged with Fiserv.
Mr. Bisignano has a track record of donating to political candidates, with a focus on Republicans. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano gave $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, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and praised 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 speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and the environment, with a focus on climate change. He works out of Washington. Learn more about Minho Kim.
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