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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of making political donations, primarily to Republicans.
Written by Minho Kim
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On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who is currently serving as 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 as a successful business leader known for turning around big companies. He stated on social media that Frank will have the important task of fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after role as a senior vice president at Shearson Lehman Brothers, a prominent investment bank. Following the bank’s collapse in 2008, he spent almost five years there before transitioning to other top 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 US. He was one of the few executives who received over $100 million in compensation that year. His salary at First Data Corporation, which later merged with Fiserv, was over 2,000 times higher than the average employee’s salary at the company.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a Republican and former governor of New Jersey who initially ran against Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and praised him and his family, but did not mention the specific position Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to speculation about Bisignano’s future role.
Minho Kim reports on current events and climate issues, working from Washington. Learn more about Minho Kim.
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