Transition of power
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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at several large Wall Street banks throughout his career and has a track record of donating to political causes, most notably to Republican candidates.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his choices for staff positions.
President-elect Trump revealed his decision on Wednesday evening to appoint Frank Bisignano, the chairman of Fiserv, a major payment processing company, as the commissioner of the Social Security Administration. The Social Security Administration is a large federal agency that operates over 1,200 field offices and employs nearly 60,000 people.
The president-elect praised Frank as a business leader with a proven history of successfully changing big companies. He will have the responsibility of fulfilling the Agency’s promise to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. He spent almost five years at the bank before moving on to work at other prominent Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 contributed to a global recession.
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 more than 2,000 times higher than the average employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a focus on 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 decided to support Chris Christie’s presidential campaign with a donation of $15,000. Christie, a former Republican governor of New Jersey, initially ran on an anti-Trump platform but eventually withdrew from the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the specific 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, working out of Washington. Learn more about Minho Kim.
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