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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 donating to Republican political causes.
Authored by Minho Kim
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On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who currently serves as the chairman of Fiserv, a major payment processing company, to lead the Social Security Administration. The agency is a significant federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank as a successful business leader who has a proven history of turning around major corporations. The president-elect announced on social media that Frank will be entrusted with ensuring the Agency fulfills its promises to the American people.
Mr. Bisignano quickly rose to a high-ranking position in the New York finance industry when he was in his late 20s, becoming a senior vice president at Shearson Lehman Brothers. He worked at this investment bank for nearly five years in the late 1980s before transitioning to other prominent 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, earning over $100 million that year. He received a salary that was over 2,000 times higher than the average employee at his company, First Data Corporation, which later 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 also donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially ran against Trump but later 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 position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s future job.
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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