Transition of power
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Donald Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked in prominent Wall Street banks throughout his career and has a track record of donating to Republican political causes.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding Trump’s transition process and his selections for staff positions.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. The Social Security Administration is a significant federal agency with over 1,200 field offices and nearly 60,000 staff members.
The president-elect expressed on social media that Frank is an experienced business leader known for successfully changing major companies. Frank will be in charge of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. The collapse of the investment bank in 2008 contributed to a worldwide economic downturn. Following his tenure at Shearson Lehman Brothers in the late 1980s, he transitioned to other prominent Wall Street banks, including 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 who earned over $100 million that year and received a salary over 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Throughout his career, Mr. Bisignano has consistently donated to Republican political campaigns. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed close to $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but later withdrew from the race.
On Wednesday, Mr. 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-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues, working from his location in Washington. To learn more about Minho Kim, visit his profile.
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