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Trump has chosen 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 making political donations, mostly to Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent updates regarding Trump’s transition process and his choices for staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, 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 staff members.
The president-elect praised Frank as a skilled business leader known for successfully transforming major companies. He stated on social media that Frank will be in charge of ensuring the Agency fulfills its promise to the American People.
In his late 20s, Mr. Bisignano rose to a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following his time at the bank in the late 1980s, he transitioned to other prominent Wall Street banks, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 had a significant impact on the global economy, leading to a recession.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was one of the rare few who received over $100 million in compensation that year and earned more than 2,000 times the salary of the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a significant track record of making political donations, mostly to Republican candidates. According to federal campaign finance records, his wife, Tracy Bisignano, contributed nearly $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano donated $15,000 to the presidential campaign of Chris Christie, a Republican former governor of New Jersey who initially ran against Trump but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media, congratulating him and his family without specifying the position he was being appointed to. An hour later, Trump clarified the announcement, putting an end to the speculation about Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, visit his profile.
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