Transition of power
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Donald 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, mostly to Republican candidates.
Authored by Minho Kim
Reporting live from the
Stay updated on the most recent updates about Trump’s transition and the individuals he is selecting for his staff.
President-elect Trump revealed his selection of Frank Bisignano, who serves as chairman of the payment processing company Fiserv, as the new 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.
According to a social media post from the president-elect, Frank is a skilled business leader who has successfully transformed major corporations. He has been tasked with ensuring that the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano quickly rose to a prestigious role as a senior vice president at Shearson Lehman Brothers, a major investment bank in New York. Following the bank’s collapse in 2008, 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 few executives who earned over $100 million that year and received a salary that was more than 2,000 times higher than the average employee at his company, First Data Corporation. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to 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, he also 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, Trump shared a detailed biography of Bisignano on social media and congratulated him and his family without revealing the position Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Bisignano’s future job.
Minho Kim reports on current events and the environment, with a focus on climate change. He works out of Washington. To learn more about Minho Kim
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