Transition of power
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Trump has chosen a banking executive, Frank Bisignano, to lead the Social Security Administration. Bisignano has worked at big banks on Wall Street for many years and has a track record of donating to Republican politicians.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition process and the individuals he is choosing for his staff
President-elect Trump revealed his selection for the new commissioner of the Social Security Administration, appointing Frank Bisignano, the chairman of Fiserv, a large payment processing company. The Social Security Administration is a significant federal agency with over 1,200 field offices and nearly 60,000 employees.
The president-elect posted on social media praising Frank as a successful business leader who has a history of successfully changing big companies. He will have the responsibility of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after role in the New York financial sector as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 contributed to a worldwide economic downturn. Following almost five years at Shearson Lehman Brothers in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and finally landing at JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States, earning over $100 million that year. This amount was over 2,000 times higher than the average salary of an employee at his company, First Data Corporation, which eventually merged with Fiserv.
Over the years, Mr. Bisignano has consistently made political donations, mostly to Republican candidates. Records from federal campaign finance reports reveal that his wife, Tracy Bisignano, contributed close to $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano also supported Chris Christie’s presidential campaign with a $15,000 donation. Christie, a former Republican governor of New Jersey, initially ran on an anti-Trump platform but eventually withdrew from the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the specific position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to speculation about Mr. Bisignano’s new job.
Minho Kim reports on current events and environmental issues, working out of Washington, D.C. Learn more about Minho Kim.
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