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Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of making political donations, mostly to Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition process and the individuals he is selecting for his staff
On Wednesday evening, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large 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 who has successfully transformed big companies in the past. The president-elect announced on social media that Frank will be in charge of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly sought-after position in the finance industry in New York as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 contributed to a worldwide economic downturn. After spending close to five years at Shearson Lehman Brothers in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving on to Citigroup, and eventually landing at JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest earning CEO in the United States, earning over $100 million that year. His compensation was over 2,000 times higher than the average employee’s salary at First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, primarily to Republican candidates. 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 eventually withdrew from the race.
During the day on Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and praised 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 upcoming role.
Minho Kim reports on urgent news events and the topic of climate change. He works out of Washington. Learn more about Minho Kim.
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