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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 donating to political causes, with a focus on supporting Republican candidates.
Written by Minho Kim.
Writing from the capital
Stay up to date with the most recent updates on Trump’s transition process and the individuals he is selecting for
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 skilled business leader known for successfully revitalizing major companies, will now be in charge of ensuring the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano achieved a prestigious position in the finance industry in New York as a senior vice president at Shearson Lehman Brothers. Following the collapse of the bank in 2008, he spent nearly five years there before transitioning to other prominent Wall Street institutions 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 rare few who earned over $100 million that year and received a salary that was more than 2,000 times higher than the average employee at his company, First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republicans. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed close to $1 million to Mr. Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a Republican ex-governor of New Jersey who initially opposed Trump but later withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and sent 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 about Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and the environment. He works out of Washington. Learn more about Minho Kim.
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