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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at prominent financial institutions on Wall Street throughout his career and has a track record of making political donations, with a focus on supporting Republican candidates.
Authored by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and his selections for staff positions.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, to serve as the commissioner of the Social Security Administration. The agency is a significant federal entity that operates over 1,200 field offices and employs nearly 60,000 individuals.
The president-elect wrote on social media that Frank is a successful business leader who has a proven record of improving big companies. He will be tasked with fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the New York finance industry as a senior vice president at Shearson Lehman Brothers, which later collapsed in 2008 and contributed to a global recession. Following almost five years at Shearson Lehman Brothers in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and finally landing at JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the United States, earning over $100 million that year. This amount was more than 2,000 times higher than the average salary of an employee at his company, First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. 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 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 published a detailed biography of Mr. Bisignano on social media and wished him and his family well, without revealing the position Mr. Bisignano was 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 recent developments and issues related to the environment. He is located in Washington. Learn more about Minho Kim.
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