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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at big Wall Street banks throughout his career and has a track record of making political donations, mostly to Republicans.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding Trump’s transition and his choices for staff members.
On Wednesday night, President-elect Trump revealed that he had selected Frank Bisignano, who serves as chairman of the large payment processing company Fiserv, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank as a skilled business leader known for successfully changing big companies. He will have the task of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano rose to a high-ranking position at Shearson Lehman Brothers, a prominent investment bank in New York. Following the bank’s collapse in 2008, he worked at various 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, earning over $100 million that year. This made him one of the few executives to receive such high compensation, exceeding 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 supporting political candidates, primarily those from the Republican party. According to federal campaign finance records, his wife Tracy Bisignano gave almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano 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, Mr. Trump shared a detailed biography of Mr. Bisignano on social media, congratulating 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 speculation about Mr. Bisignano’s next role.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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