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Donald Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked 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 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 that he had selected Frank Bisignano, the chairman of Fiserv, a large payment processing company, to serve as the commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank as a skilled business leader who has successfully transformed major corporations in the past. In a social media post, the president-elect announced that Frank will be tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to become a senior vice president at Shearson Lehman Brothers, a top investment bank in New York. Following the bank’s collapse in 2008, which had global repercussions, he spent nearly five years there before moving on to work at other prominent Wall Street institutions such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States, earning over $100 million that year. His compensation 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 record of making political donations, 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 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, President Trump shared a detailed biography of Mr. Bisignano on social media, offering congratulations to him and his family without revealing 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 role.
Minho Kim reports on current events and environmental issues, working out of Washington D.C. To learn more about Minho Kim, please visit his profile.
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