Transition of power
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Trump has selected Frank Bisignano, a banking executive with experience in large Wall Street banks, to head the Social Security Administration. Bisignano has a track record of making political donations, mostly towards the Republican party.
Authored by Minho Kim
Reporting live from the
Stay updated on the most recent developments regarding Trump’s transition and his choices for staff members.
On Wednesday night, 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 federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank as a skilled business leader who has successfully led major corporations through transformation. The president-elect stated on social media that Frank will be in charge of ensuring that the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers, a prominent investment bank that collapsed in 2008, contributing to a worldwide economic downturn. After spending almost five years at Shearson Lehman Brothers in the late 1980s, he transitioned to other well-known Wall Street banks, starting with Morgan Stanley, then moving on to Citigroup, and eventually landing at 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 individuals who received over $100 million in compensation that year and earned more than 2,000 times the average salary of an 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. 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 withdrew from the race.
On Wednesday, President 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 the speculation surrounding Mr. Bisignano’s new job.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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