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Trump has chosen a banking executive named 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 making political donations, mostly to Republican candidates.
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 that he had selected Frank Bisignano, the chairman of Fiserv, a major payment processing company, to lead 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. The president-elect stated on social media that Frank has been tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired role in the New York finance industry as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 played a role in the global recession that followed. After spending close to five years at Shearson Lehman Brothers in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving on to Citigroup, and eventually landing at 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 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 later combined with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. According to federal campaign finance reports, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also 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 posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family. He did not mention the position Mr. Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to speculation about Mr. Bisignano’s future job.
Minho Kim is a journalist who reports on current events and environmental issues, with a focus on climate change. He works out of Washington D.C. To
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