Trump Transition
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President Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large 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 nation
Stay updated on the most recent developments regarding Trump’s transition process and decisions regarding his staff appointments.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as his pick for the commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect wrote on social media that Frank, a business leader, has a strong history of successfully changing big companies. He will have the important task of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired role in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, which contributed to a worldwide recession, he spent almost 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 few executives who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republicans. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but later 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. However, 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 environmental issues, working out of Washington. Learn more about Minho Kim.
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