Transition of power
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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at top Wall Street banks throughout his career and has a track record of donating to Republican political candidates.
Authored by Minho Kim
Reporting from the nation
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 large payment processing company, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 workers.
The president-elect announced on social media that Frank, a business leader with a proven history of successfully changing big companies, 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 moving on to work at 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 few executives who earned over $100 million that year and received a salary that was more than 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a significant track record of donating to political causes, mostly supporting Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed close to $1 million to Donald 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, President 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 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, working from Washington. Learn more about Minho Kim.
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