Transition of power
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Trump has chosen Frank Bisignano, a banking executive, to head the Social Security Administration. Bisignano has worked for large banks on Wall Street for many years and has a track record of donating to Republican political causes.
Authored by Minho Kim
Updating from the capital
Stay updated on the most recent developments regarding Trump’s transition process and the individuals being chosen for his staff positions
President-elect Trump revealed his selection for the new commissioner of the Social Security Administration, appointing Frank Bisignano, who currently serves as chairman of Fiserv, a large payment processing company. The Social Security Administration is a significant federal agency with over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank as a skilled business leader who has successfully turned around big companies in the past. Frank will have the responsibility of fulfilling the Agency’s promises to the American people.
Mr. Bisignano achieved a highly-desired position in the New York finance industry in his late 20s when he became a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 contributed to a worldwide economic downturn. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving on to Citigroup, and eventually joining 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 executives who earned over $100 million that year and received a salary more than 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
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 Mr. Trump’s campaign in October. However, in November 2023, he 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 offered his congratulations to him and his family, without specifying 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 role.
Minho Kim reports on current events and environmental issues, with his work originating from Washington. Learn more about Minho Kim.
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