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President Trump has chosen Frank Bisignano, a banking executive with experience at prominent Wall Street institutions, to head the Social Security Administration. Bisignano has a track record of supporting Republican candidates through his political donations.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition process and choices for staff positions.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new head of the Social Security Administration. The agency is a significant federal entity that operates over 1,200 field offices and employs nearly 60,000 people.
The president-elect praised Frank as a skilled business leader who has a history of successfully changing big companies. The president-elect stated on social media that Frank will be in charge of ensuring that the Agency fulfills its promises to the American people.
Mr. Bisignano achieved a highly sought-after position in the finance industry in New York when he was in his late 20s. He started off as a senior vice president at Shearson Lehman Brothers, which later collapsed in 2008 and contributed to a worldwide economic downturn. Following his time at Shearson Lehman Brothers, he spent almost five years there before moving on to work at other prominent Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was named the second-highest-paid CEO in the United States. He was one of the few executives who received over $100 million in compensation that year and earned more than 2,000 times the average salary of an employee at his company, First Data Corporation. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of supporting politicians, predominantly Republicans. According to federal campaign finance reports, his wife Tracy Bisignano donated almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano contributed $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 posted a detailed biography of Mr. Bisignano on social media, congratulating him and his family without stating 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 future role.
Minho Kim reports on current events and environmental issues, working from his location in Washington. To learn more about Minho Kim, click here.
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