Trump’s Administration
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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large Wall Street banks throughout his career and has a track record of making political donations, primarily to Republicans.
Written by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding Trump’s transition process and the selection of his staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who serves as chairman of the 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 posted on social media praising Frank as a business leader with a successful history of improving big companies. He will be in charge of ensuring the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to a senior vice president position at Shearson Lehman Brothers, a prominent investment bank in New York. He spent almost five years at the bank before moving on to work at other big Wall Street banks like Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 played a role in triggering a global recession.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the country, earning over $100 million that year. His compensation was over 2,000 times higher than the average salary of employees at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed nearly $1 million to Mr. Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially ran against Trump but later withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and sent his congratulations to him and his family. However, he did not mention the specific position that Mr. Bisignano 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, and is located in Washington. To learn more about Minho Kim, visit his profile.
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