Transition of power
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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at top 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 the transition of power from Trump to the next administration, including announcements
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a major payment processing company, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect expressed on social media that Frank is a successful business leader known for turning around big companies. He will have the responsibility of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. He worked at the bank for almost five years in the late 1980s before transitioning to other prominent Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 contributed to a global recession.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was one of a small number of CEOs 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, which later merged with Fiserv.
Mr. Bisignano has a significant track record of donating to political causes, with a focus on supporting Republican candidates. His wife, Tracy Bisignano, gave almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also contributed $15,000 to the presidential campaign of Chris Christie, a Republican ex-governor of New Jersey who initially opposed Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the specific 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 from Washington. Learn more about Minho Kim.
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