Transitioning to
Prom
Donald Trump has chosen Frank Bisignano, a banking executive with a background in major Wall Street banks, to lead the Social Security Administration. Bisignano has a track record of making political donations, primarily to the Republican party.
Authored by Minho Kim
Coming to you live
Stay updated on the most recent updates regarding Trump’s transition process and the individuals he chooses for his staff positions
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the 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 praised Frank as a successful business leader known for turning around big companies. He will have the important task of fulfilling the Agency’s promises to the American public.
In his late 20s, Mr. Bisignano achieved a highly desired role as a senior vice president at Shearson Lehman Brothers, a prominent investment bank in New York. Following his time there for nearly five years in the late 1980s, he transitioned to other big Wall Street banks, starting with Morgan Stanley, then moving on to Citigroup, and eventually JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the country, earning over $100 million that year. This made him one of the select few executives who received compensation exceeding 2,000 times the average salary of an employee at his company, First Data Corporation. Eventually, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly favoring Republicans. 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, he 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, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not specify the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
Prom
Index of the website
Navigation information for the website