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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at big banks on Wall Street throughout his career and has a track record of making political donations, mostly to Republicans.
Authored by Minho Kim
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On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who currently serves as chairman of Fiserv, a large payment processing company, as the new commissioner of the Social Security Administration. The SSA is a significant federal agency that operates over 1,200 field offices and employs nearly 60,000 people.
The president-elect praised Frank as a skilled business leader who has successfully turned around big companies in the past. The president-elect stated on social media that Frank will have the important task of fulfilling the Agency’s promises to the American People.
In his late 20s, Mr. Bisignano landed a prestigious role as a senior vice president at Shearson Lehman Brothers, a well-known investment bank. He spent almost five years at the bank in the late 1980s before transitioning to other major Wall Street banks, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 contributed to a global recession.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States. He was one of a small number of CEOs who earned over $100 million that year and received a salary at First Data Corporation that was over 2,000 times higher than the average employee’s salary. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, primarily 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, he donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually exited the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and offered congratulations to him and his family without revealing the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, visit his profile.
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