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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large banks on Wall Street for many years and has a track record of making political donations, primarily to Republican candidates.
Written by Minho Kim.
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and the individuals being selected for key staff positions
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who serves as the chairman of Fiserv, a major payment processing company, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect expressed on social media that Frank is a skilled business leader who has successfully transformed big companies in the past. He has been tasked with ensuring that the Agency fulfills its promises to the American people.
In his late twenties, 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, 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 executives to earn over $100 million that year and was compensated more than 2,000 times the average salary of an employee at his company, First Data Corporation, which later combined with Fiserv.
Mr. Bisignano has a track record of donating to political causes, particularly favoring 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 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 shared a detailed biography of Mr. Bisignano on social media and offered congratulations to him and his family without revealing the specific position he would be taking on. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, and he works out of Washington. For more information about Minho Kim, please visit his profile.
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