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Trump has selected Frank Bisignano, a banking executive, to head the Social Security Administration. Bisignano has worked for large Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Written by Minho Kim
Writing from the nation
Stay updated with the most recent developments regarding Trump’s transition and the individuals he is selecting for his staff.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of the large payment processing company Fiserv, as the new commissioner of the Social Security Administration. The SSA is a significant federal agency with over 1,200 field offices and nearly 60,000 workers.
The president-elect praised Frank as a successful business leader known for turning around big companies. He will be tasked with ensuring 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 spent almost five years there before transitioning to 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, receiving over $100 million that year. This made him one of the few executives to be compensated at such a high level and he was paid over 2,000 times the average salary of an employee at his company, 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 close to $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano donated $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, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family without revealing the position he was being appointed to. An hour later, the president-elect clarified the situation and put an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, and he works out of Washington. To learn more about Minho Kim, visit his page.
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