Transition of power
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Trump has chosen a banking executive named 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, primarily to Republican candidates.
Authored by Minho Kim
Coverage from the nation
Stay updated on the most recent developments regarding Trump’s transition process and his selections for staff positions.
President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank as a skilled business leader known for successfully changing the direction of big companies. In a social media post, the president-elect highlighted Frank’s role in ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano secured a highly sought-after position as a senior vice president at Shearson Lehman Brothers, a prominent investment bank that played a role in the 2008 financial crisis. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he went on to work at other major 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 to earn over $100 million that year and to receive 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 history of donating to political causes, mostly supporting Republicans. According to federal campaign finance reports, his wife Tracy Bisignano donated almost $1 million to Donald Trump’s campaign in October. However, in November 2023, he contributed $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated 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 new job.
Minho Kim reports on current events and environmental issues, with a focus on climate change. He works out of Washington. To learn more about Minho Kim
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