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Trump has selected 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 supporting Republican candidates through political donations.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition process and his choices for staff positions.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who currently serves as chairman of payment processing company Fiserv, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect posted on social media praising Frank as a business leader who has successfully transformed large corporations in the past. Frank will be tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano climbed the ranks to become a senior vice president at Shearson Lehman Brothers, a prestigious 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 banks such as Morgan Stanley, Citigroup, and finally JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was one of the select few who earned over $100 million that year and received a salary over 2,000 times higher than the average employee at his company, First Data Corporation. This company later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, he 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, President Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, without specifying the position Mr. Bisignano was being appointed to. One hour later, the president clarified the situation, putting an end to the speculation surrounding Mr. Bisignano’s new role.
Minho Kim reports on current events as they happen and environmental issues related to climate change. He works out of Washington, DC. To learn more about Min
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