Transition of power
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President Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked in high-ranking positions at prominent Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Written by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his selections for staff positions.
Donald Trump, who has been elected as the next President, revealed on Wednesday evening that he had selected Frank Bisignano, the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. This agency is a significant federal organization that operates over 1,200 field offices and employs nearly 60,000 people.
The president-elect praised Frank’s experience in leading businesses and successfully changing the direction of large companies in a social media post. He emphasized that Frank will have the important task of fulfilling the Agency’s promise to the American people.
In his late twenties, Mr. Bisignano quickly rose to a senior vice president position at Shearson Lehman Brothers, a prominent investment bank in New York. Following the bank’s collapse in 2008, he transitioned to other major Wall Street institutions 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 rare few who earned over $100 million that year and received a salary that was more than 2,000 times higher than the average employee at his company, First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to 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, he 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, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and sent his congratulations to 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 any speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and issues related to the environment. He works out of Washington. Learn more about Minho Kim.
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