Transition of Power
Prom
Trump has selected 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 donating to Republican political causes.
Written by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his selections for staff positions.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a major 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 staff members.
The president-elect praised Frank as a skilled business leader who has successfully led transformation efforts in big companies. The president-elect stated in a social media post that Frank will be tasked with ensuring that the Agency fulfills its promises 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. Following the bank’s collapse in 2008, he spent almost 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 few executives who earned over $100 million that year, receiving a salary that was more than 2,000 times higher than the average employee at his company, First Data Corporation. This company 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 close to $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself 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, Mr. Trump posted 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 future role.
Minho Kim reports on current events and environmental issues, with a focus on Washington. Learn more about Minho Kim.
Prom
Page Index
Navigation for Site Information