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President Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked in various prominent Wall Street banks throughout his career and has a track record of making political donations, predominantly to Republican candidates.
Authored by Minho Kim
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On Wednesday evening, 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 praised Frank as a skilled business leader known for successfully turning around big companies. The president-elect stated on social media that Frank will be in charge of fulfilling the Agency’s promise to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent almost five years there before transitioning to other prominent Wall Street banks like 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 received over $100 million in compensation that year and earned more than 2,000 times the average salary of an employee at First Data Corporation, the company that later merged with Fiserv.
Mr. Bisignano has a significant track record of making political donations, primarily to Republicans. 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 also supported Chris Christie’s presidential campaign with a donation of $15,000. Christie, a former Republican governor of New Jersey, initially ran against Trump but later withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and sent his congratulations to him and his family, without revealing the specific position he would be 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 and the environment, specifically focusing on climate change. He works out of Washington. For more information on Minho Kim,
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