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Trump has chosen a banking executive named Frank Bisignano to lead the Social Security Administration. Bisignano has worked at large Wall Street banks throughout his career and has a track record of making political donations, with a focus on supporting Republican candidates.
Authored by Minho Kim
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On Wednesday night, 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. This federal agency has over 1,200 field offices and nearly 60,000 workers.
The president-elect praised Frank as a skilled business leader who has successfully transformed major companies in the past. He will have the important task of fulfilling the Agency’s promise to serve 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. This investment bank’s collapse in 2008 played a role in the global recession. After spending almost five years at Shearson Lehman Brothers in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and finally JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the nation, being one of the few to earn over $100 million that year. He also received a salary that was 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, primarily to Republicans. 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, he donated $15,000 to Chris Christie’s presidential campaign. Christie, a Republican and former governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media, offering congratulations to him and his family without specifying the position he was being appointed to. An hour later, the president-elect cleared up any confusion by revealing Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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