Transition of power
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President Trump has chosen a banking executive, Frank Bisignano, to lead the Social Security Administration. Bisignano has worked for large Wall Street banks throughout his career and has a track record of contributing to Republican political campaigns.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is choosing for his staff
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. The agency is a significant federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank as a skilled business leader known for successfully turning around big companies. In a social media post, the president-elect announced that Frank will have the task of fulfilling the Agency’s 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. This investment bank’s collapse in 2008 contributed to a worldwide economic downturn. After working at Shearson Lehman Brothers for almost 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 United States. He was one of the rare few who received over $100 million in compensation that year, earning more than 2,000 times the average salary of an employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a focus on supporting 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, Mr. Bisignano also donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but later withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the position he was being appointed to. An hour later, the president-elect clarified the situation and put an end to speculation about Mr. Bisignano’s next job.
Minho Kim reports on current events and environmental issues, with his home base being in Washington. Learn more about Minho Kim.
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