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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at big Wall Street banks throughout his career and has a track record of donating to Republican politicians.
Authored by Minho Kim
Based in Washington,
Stay updated on the most recent updates regarding Trump’s transition and his choices for staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large 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 prominent business leader, has a strong history of successfully changing big companies. He has been tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to a prestigious position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, 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 ranked as the second-highest-paid CEO in the United States. He was one of the rare few 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. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, particularly to Republican candidates. 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 donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially ran against Trump but later exited the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media, congratulating 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 speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, visit his profile.
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