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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at big Wall Street banks throughout his career and has a track record of making political donations, primarily 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, to serve as the commissioner of the Social Security Administration. The agency is a significant federal entity that operates over 1,200 field offices and employs nearly 60,000 individuals.
The president-elect expressed on social media that Frank is a successful business leader known for turning around big companies. He has been chosen to fulfill the Agency’s promise to the American People.
In his late 20s, Mr. Bisignano quickly rose to a high-ranking position at Shearson Lehman Brothers, a prestigious investment bank in New York. He later moved on to work at other big Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company after spending nearly five years at Shearson Lehman Brothers in the late 1980s.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States, earning over $100 million that year. He received a salary that was more than 2,000 times higher than the average employee at First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of supporting political candidates, primarily those from the Republican party. According to federal campaign finance records, his wife, Tracy Bisignano, contributed close to $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 Republican and former 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 congratulations to him and his family without revealing the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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