Trump Transition
Prom
Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large Wall Street banks throughout his career and has a track record of donating to Republican political campaigns.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition process and his choices for staff members.
The person who will become the next President, Donald Trump, revealed his selection for the new commissioner of the Social Security Administration. This individual is Frank Bisignano, who currently serves as the chairman of Fiserv, a large company in the payment processing industry. 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 skilled business leader known for successfully transforming big companies, will be in charge of fulfilling the Agency’s promise to the American people.
Mr. Bisignano quickly rose to a prestigious position in the finance industry in New York in his late 20s, becoming a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent nearly five years there before transitioning to other prominent 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 executives who received over $100 million in compensation that year, which was over 2,000 times higher than the average salary of an employee at his company, First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of making political contributions, predominantly to Republican candidates. According to federal campaign finance records, his wife, Tracy Bisignano, contributed nearly $1 million to Mr. Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a Republican former governor of New Jersey who initially opposed Trump but eventually withdrew from the race.
On Wednesday, Mr. 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 speculation about Mr. Bisignano’s next role.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
Prom
Index of Site
Navigation to Site Information