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Trump has selected a banking executive, Frank Bisignano, 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, mostly to Republican candidates.
Written by Minho Kim.
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Stay updated on the most recent developments regarding Trump’s transition process and the individuals he is choosing for his staff
President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a major payment processing company, 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 the direction of big companies. He will have the important task of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano climbed the ranks to become a senior vice president at Shearson Lehman Brothers, a top investment bank in New York. Following the bank’s collapse in 2008, he spent almost five years there before moving on to work at other prominent Wall Street institutions 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. He was one of the rare few who earned over $100 million that year and received a salary over 2,000 times higher than the average employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a focus on supporting 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, Mr. Bisignano himself donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but later ended his campaign.
Earlier today, President Trump shared a detailed biography of Mr. Bisignano on social media and sent his congratulations to Bisignano and his family, although he did not mention the specific position that Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Bisignano’s future role.
Minho Kim reports on current events and environmental issues, with his location being in Washington. For further information on Minho Kim, please visit his profile.
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