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President Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large financial institutions on Wall Street throughout his career and has a track record of making political contributions, primarily to Republican candidates.
Written by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his choices for staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the 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 people.
The president-elect announced on social media that Frank, a business leader with a proven history of successfully changing big companies, will be in charge of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following nearly five years at the bank in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and eventually joining JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was one of the few executives to earn over $100 million that year and receive a salary over 2,000 times higher than the average employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. Public records on campaign finances reveal that his wife, Tracy Bisignano, contributed almost $1 million to Mr. 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 withdrew from the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media, congratulating him and his family. However, he did not mention the specific position Mr. Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation surrounding Mr. Bisignano’s next role.
Minho Kim reports on urgent news and environmental issues, working out of Washington. Learn more about Minho Kim.
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