Transition of power
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Trump has chosen Frank Bisignano, a banking executive, to lead the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of donating to Republican political causes.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent updates regarding Trump’s transition process and the selection of his staff members.
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 employees.
The president-elect praised Frank as a skilled business leader who has successfully led major corporations in the past. He will have the task of ensuring that the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano achieved a highly desirable position as a senior vice president at Shearson Lehman Brothers, a renowned investment bank in New York. Following his time at Shearson Lehman Brothers in the late 1980s, he went on to work at 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 United States. He was one of the rare few who received over $100 million in compensation that year, which was over 2,000 times higher than the average salary of an 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. His wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano 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, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, without revealing the specific position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s new job.
Minho Kim reports on current events and climate issues. He works out of Washington. Learn more about Minho Kim.
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