Transition of power
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Donald Trump has chosen a banking executive, Frank Bisignano, to be in charge of the Social Security Administration. Bisignano has worked at big Wall Street banks throughout his career and has a track record of making political donations, mostly to Republican candidates.
Written by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his choices for staff members.
President-elect Trump revealed his selection of Frank Bisignano, who currently serves as chairman of Fiserv, a major payment processing company, as the new commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect announced on social media that Frank, a business leader with a 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 desirable position in the finance industry in New York 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 institutions, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 had significant repercussions, contributing to a global economic downturn.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States, receiving over $100 million in compensation. This amount was over 2,000 times higher than the average salary of employees at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, particularly to Republican candidates. His wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually ended his bid for the presidency.
On Wednesday, President Trump shared 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 clarified the situation, putting an end to the speculation regarding Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working from Washington. Learn more about Minho Kim.
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