Transition of power
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Donald Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large financial institutions on Wall Street throughout his career and has a track record of making political donations, primarily to the Republican Party.
Written by Minho Kim
Writing from the nation
Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is selecting for his staff
During a statement on Wednesday evening, President-elect Trump revealed his selection of Frank Bisignano, who serves as the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. This federal agency operates over 1,200 field offices and employs nearly 60,000 individuals.
The president-elect praised Frank as a skilled business leader known for successfully transforming major corporations. He stated on social media that Frank will be tasked with fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 played a role in triggering a worldwide economic downturn. After spending almost five years at Shearson Lehman Brothers in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and eventually landing at 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 more than 2,000 times higher than the average salary of employees at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, primarily supporting Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed close to $1 million to Donald 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 congratulated him and his family. However, he did not mention the specific position that 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 job.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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