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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked for large Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is selecting 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 serve as the commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect expressed on social media that Frank, a business leader with a strong history of successfully changing big companies, will have the task of fulfilling the Agency’s promise to the American People.
In his late 20s, Mr. Bisignano achieved a prestigious position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent nearly five years there before moving on to work at 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 nation. He was one of the rare few who received over $100 million in compensation that year and earned more than 2,000 times the average salary of an employee at his company, First Data Corporation, which eventually 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 nearly $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 opposed 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, but did not mention the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and topics related to the environment. He works out of Washington. For more information about Minho Kim, please visit his
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