Transition of power
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Trump has chosen Frank Bisignano, a banking executive with experience at large Wall Street banks, to head the Social Security Administration. Bisignano has a track record of making political donations, predominantly to Republican candidates.
Authored by Minho Kim
Reporting live from the
Stay up to date with the most recent updates on 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 large 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 praised Frank as a successful business leader known for his ability to drive change within big companies. The president-elect stated on social media that Frank will have the task of fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano rose to a highly desirable 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-earning CEO in the United States. He was one of the rare executives who received over $100 million in compensation that year and earned more than 2,000 times the average salary of an employee at First Data Corporation, the company that later merged with Fiserv.
Mr. Bisignano has a well-documented track record of donating to political causes, primarily to 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, he also donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who 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 without revealing 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 next role.
Minho Kim reports on current events that are happening unexpectedly and on the topic of climate change. He is located in Washington. Learn more information about Minho
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