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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, primarily to Republican candidates.
Authored by Minho Kim
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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. The agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank as a skilled business leader known for successfully improving major companies. The president-elect announced on social media that Frank will be tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano landed a highly desirable position as a senior vice president at Shearson Lehman Brothers, a prominent investment bank. Following the bank’s collapse in 2008, he transitioned to other major Wall Street banks, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company, where he worked for nearly five years in the late 1980s.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States. He was one of the rare 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 his company, First Data Corporation. First Data Corporation later merged with Fiserv.
Over the years, Mr. Bisignano has consistently donated to Republican political causes. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano supported Chris Christie’s presidential campaign with a $15,000 donation. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and sent his 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 new role.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, click here.
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