Trump Administration Change
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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.
Written by Minho Kim
Writing from the nation
Stay updated on the most recent updates regarding the transition of Trump’s administration and the selection of his 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 skilled business leader with a history of successfully turning around big companies, will be tasked with ensuring that the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano quickly rose to a high-ranking position in the finance industry in New York, starting as a senior vice president at Shearson Lehman Brothers. He spent almost five years at the bank before moving on to work at other prominent Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 had a significant impact on the global economy.
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. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of donating money to political causes, particularly to Republicans. Records from federal campaign finance show that 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 donation of $15,000. Christie, a former Republican governor of New Jersey, initially ran against Trump but later withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media, offering congratulations to him and his family without revealing the specific position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation surrounding Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, with a focus on climate change. He works out of Washington, D.C. To learn more about
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