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Frank Bisignano, a banking executive with a background in major Wall Street banks, has been chosen by Trump to head the Social Security Administration. He has a track record of supporting Republican politicians through political donations.
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 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 successful business leader known for revamping big companies. He stated on social media that Frank will be in charge of fulfilling the Agency’s promises to the American People.
In his late twenties, Mr. Bisignano achieved a high-ranking position at Shearson Lehman Brothers, a prominent investment bank in New York. He spent almost five years at the bank before transitioning to 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 economic downturn.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States. He was one of the rare few who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, primarily to Republican candidates. 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 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 posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family. However, he did not mention the specific 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 new job.
Minho Kim reports on the latest news events and developments related to climate change. He is located in Washington, D.C. To learn more about Minho
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