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Trump has chosen a banking executive, 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 donating to Republican political causes.
Authored by Minho Kim
Reporting live from the
Stay updated on the most recent developments regarding Trump’s transition process and selections for his staff.
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. The agency is a significant federal organization with over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank as a successful business leader known for his ability to bring positive change to big companies. The president-elect stated on social media that Frank will have the important task of fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. However, the bank’s collapse in 2008 contributed to a worldwide economic downturn. After working at Shearson Lehman Brothers for nearly five years in the late 1980s, he transitioned to other prominent Wall Street banks, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second-highest-paid CEO in the country, earning over $100 million that year. His compensation was more than 2,000 times higher than 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 records, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially ran against Trump but eventually withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media and wished him and his family well without revealing 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. He works out of Washington. Learn more about Minho Kim.
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