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Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked in prominent Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and the individuals he chooses for his staff positions
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new commissioner of 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 business leader with a proven history of successfully changing big companies. He will have the task of fulfilling the Agency’s promise to the American People.
In his late 20s, Mr. Bisignano achieved a highly sought-after 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, starting with Morgan Stanley, then moving 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 executives who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at his company, First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating money to political causes, with a focus on supporting Republican candidates. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed almost $1 million to the campaign of Mr. Trump in October. However, in November 2023, he also donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed Trump but later withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and extended congratulations to him and his family, without specifying the 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 upcoming role.
Minho Kim reports on current events and environmental issues, with his location being in Washington. To learn more about Minho Kim, click here.
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