Transition of power
Prom
Trump has chosen a banking executive, 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, primarily to Republican candidates.
Written by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and the individuals he is choosing for his staff
On Wednesday night, President-elect Trump revealed that he had selected Frank Bisignano, who is the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. The Social Security Administration is a significant federal agency that 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 big companies. He will have the task of fulfilling the Agency’s promises to the American People.
In his late twenties, Mr. Bisignano achieved a highly desired position in the finance industry in New York as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, which contributed to a worldwide economic downturn, he spent almost five years there before transitioning to 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 individuals to earn over $100 million that year, receiving over 2,000 times the average salary of employees at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, particularly to Republican candidates. According to federal campaign finance reports, 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 later withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the position he was being appointed to. An hour later, the president clarified the situation, putting an end to speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, click here.
Prom
Index of the website
Navigation to access information on