Transition of power
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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at large Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent developments regarding Trump’s transition process and his choices for staff members.
During a Wednesday night announcement, 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 for his ability to successfully change and improve large companies. The president-elect stated on social media that Frank will be in charge of fulfilling the Agency’s promises to the American people.
In his late twenties, Mr. Bisignano achieved a highly desired position in the finance industry in New York. He started as a senior vice president at Shearson Lehman Brothers, which later collapsed in 2008, contributing to a worldwide economic downturn. After working at Shearson Lehman Brothers for almost 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 United States. He was one of the rare individuals to earn over $100 million that year and received a salary over 2,000 times higher than the average employee at his company, First Data Corporation. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, 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 supported the presidential campaign of Chris Christie with a $15,000 donation. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the specific 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 job.
Minho Kim reports on current events and environmental issues, working from Washington. For further information about Minho Kim, please click on the link provided.
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