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Donald Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked in prominent Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Reporting from the nation
Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is choosing 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 mentioned on social media that Frank is a successful business leader who has a strong history of improving big companies. Frank will have the task of ensuring that the Agency fulfills its promise 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 spent almost five years at the bank before moving on to work at other well-known Wall Street institutions such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 contributed to a global recession.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the country, receiving over $100 million in compensation. This amount was over 2,000 times higher than the average salary of an employee at First Data Corporation, where he was the CEO before the company merged with Fiserv.
Mr. Bisignano has a significant track record of donating to political campaigns, mostly to Republican candidates. 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 also donated $15,000 to Chris Christie’s presidential campaign. Christie, a Republican and former governor of New Jersey, initially ran on an anti-Trump platform but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and sent his congratulations to him and his family, without revealing the position Mr. Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events that are happening suddenly and climate change. He works out of Washington. Learn more about Minho Kim.
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