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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of donating to Republican political causes.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent updates regarding Trump’s transition and the individuals he is selecting for his staff.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new commissioner of the Social Security Administration. The Social Security Administration is a significant federal agency that operates over 1,200 field offices and employs nearly 60,000 individuals.
The president-elect announced on social media that Frank, a skilled business leader known for successfully transforming big companies, will be in charge of fulfilling the Agency’s promises to the American people.
In his late 20s, 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 Shearson Lehman Brothers for nearly five years in the late 1980s, he transitioned to other prominent Wall Street banks including Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the US, earning over $100 million that year. He received a salary that was over 2,000 times higher than the average employee at his company, First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of donating to political campaigns, mostly to Republicans. 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 eventually withdrew from 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. Learn more about Minho Kim.
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