Transition of power
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The Social Security Administration will be led by Frank Bisignano, a banking executive with experience at top Wall Street institutions. Bisignano has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Dispatch from the nation
Stay updated with the most recent updates on Trump’s transition process and his selections for staff positions.
On Wednesday evening, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new commissioner of the Social Security Administration. The Social Security Administration is a significant federal agency that operates over 1,200 field offices and employs nearly 60,000 individuals.
The president-elect announced on social media that Frank, a business leader with a successful history of revitalizing big companies, will be tasked with fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano rose to a prestigious role in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent nearly five years there before moving on to work at other prominent 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. He was one of the rare few executives who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at his company, First Data Corporation. Later on, First Data Corporation 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 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 congratulated him and his family, but did not reveal the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to 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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