Transition of power
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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 making political donations, with a focus on supporting Republican candidates.
Authored by Minho Kim
Updating from the nation
Stay up-to-date with the most recent updates on Trump’s transition process and selections for his staff.
President-elect Trump revealed on Wednesday evening that he had selected Frank Bisignano, who serves as the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 staff members.
The president-elect announced on social media that Frank, a skilled business leader with a history of successfully transforming big companies, will be tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to a senior vice president position at Shearson Lehman Brothers, a prominent investment bank in New York. Following the bank’s collapse in 2008, he spent almost five years there before transitioning to other well-known Wall Street banks such as Morgan Stanley, Citigroup, and 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 few who earned over $100 million that year and received a salary more than 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of supporting political causes, particularly those aligned with the Republican Party. Public records of campaign contributions indicate that his wife, Tracy Bisignano, contributed almost $1 million to support Mr. Trump’s election campaign in October. However, in November 2023, he decided to donate $15,000 to the presidential campaign of Chris Christie, a Republican and former governor of New Jersey. Christie initially ran on a platform opposing Trump but eventually withdrew from the race.
On Wednesday, Trump shared a detailed biography of 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, Trump clarified the situation, putting an end to the speculation about Bisignano’s new job.
Minho Kim reports on current events and environmental issues, with a focus on climate change. He is located in Washington, D.C. Learn more about Min
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