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The Trump administration 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 supporting Republican politicians through his political donations.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition process and his selections for staff positions.
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 expressed on social media that Frank is a skilled business leader who has successfully transformed big companies in the past. He will have the responsibility of ensuring that the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano achieved a highly sought-after 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 at the institution before moving on to work at other prominent Wall Street banks 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 rare few who earned over $100 million that year, receiving more than 2,000 times the average salary of an employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano is known for his consistent donations to Republican political campaigns. According to federal campaign finance records, his wife Tracy Bisignano donated almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself contributed $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran on an anti-Trump platform but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media, congratulating him and his family without specifying the position he was being appointed to. An hour later, the president clarified the situation, putting an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working from Washington. For further information on Minho Kim, please refer to his bio.
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