Transition of power
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Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked in large Wall Street banks throughout his career and has a track record of making political donations, mostly to Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition process and his selections for staff positions.
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 announced on social media that Frank, a successful business leader, has a strong history of improving big companies. He will be tasked with fulfilling the Agency’s promises to the American public.
In his late twenties, Mr. Bisignano quickly rose to a prestigious 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 almost five years there before transitioning to other prominent Wall Street institutions such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was named the second-highest-paid CEO in the United States. He was one of the rare individuals 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. This company later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. His wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also 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, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family without mentioning the specific 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 job.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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