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Trump has chosen Frank Bisignano, a banking executive with a background in major Wall Street banks, to head the Social Security Administration. Bisignano has a track record of supporting political candidates, primarily those from the Republican party.
Authored by Minho Kim
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During a Wednesday night announcement, President-elect Trump revealed his selection of Frank Bisignano, who serves as the chairman of Fiserv, a major payment processing company, to lead the Social Security Administration. This agency is a significant federal entity, operating over 1,200 field offices and employing nearly 60,000 individuals.
The president-elect announced on social media that Frank, a business leader with a successful history of turning around big companies, will be tasked with ensuring that the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano achieved a highly desirable 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 moving on to work at other prominent Wall Street banks 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. He was one of the rare few who earned over $100 million that year and received a salary over 2,000 times higher than the average employee at First Data Corporation, a company that later merged with Fiserv.
Mr. Bisignano has a track record of donating to political candidates, primarily to Republicans. According to federal campaign finance records, his wife Tracy Bisignano contributed nearly $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially ran against Trump but later suspended his campaign.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family without revealing the position he was appointed to. An hour later, the president-elect clarified the situation, putting an end to speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington. You can find out more about Minho Kim by visiting his profile.
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