Transition of power
Prom
The Social Security Administration will be led by Frank Bisignano, a banking executive chosen by Trump. Bisignano has worked at large Wall Street banks throughout his career and has a track record of donating to Republican political campaigns.
Authored by Minho Kim
Covering news from
Stay updated with the most recent developments on Trump’s transition and his selections for staff positions.
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. The agency is a significant federal organization with over 1,200 field offices and close to 60,000 staff members.
The president-elect announced on social media that Frank, a business leader with a strong history of successfully changing big companies, will be tasked with ensuring the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 contributed to a worldwide economic downturn. After working at the bank for almost five years 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 United States. He was one of the rare few who earned over $100 million that year and received over 2,000 times the average salary of an employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. Records from federal campaign finance show that 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 later 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 that Mr. Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to any speculation about Mr. Bisignano’s future job.
Minho Kim reports on current events and environmental issues, working out of Washington D.C. To learn more about Minho Kim, click here.
Prom
Index of the website
Navigation to find information on