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President Trump has chosen Frank Bisignano, a banking executive with a background in major Wall Street banks, to head the Social Security Administration. Bisignano has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and the individuals he is selecting for his staff
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 praised Frank for his success in leading businesses and transforming them. He stated that Frank will be in charge of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to a high-ranking position at Shearson Lehman Brothers, a prominent investment bank in New York. He spent almost five years at the bank before moving on to work at other big Wall Street banks like Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 had significant impacts 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 few executives who received over $100 million in compensation that year and earned more than 2,000 times the average salary of an employee at First Data Corporation, the company that later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a preference for Republican candidates. Public records reveal that his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also donated $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, President Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, without revealing the specific position he was being appointed to. An hour later, the president clarified the announcement, putting an end to the speculation surrounding Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues such as climate change. He works out of Washington. Learn more about Minho Kim.
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