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Trump 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 making political donations, primarily to Republican candidates.
Written by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and his selections for staff positions.
On Wednesday night, President-elect Trump revealed that he had selected Frank Bisignano, the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 workers.
The president-elect announced on social media that Frank, a successful business leader known for turning around big companies, will be tasked with fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers, a prominent investment bank that contributed to the global recession in 2008. He spent almost five years at the bank before transitioning to other leading Wall Street institutions like 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 received over $100 million in compensation that year, which was more than 2,000 times the average salary of an employee at his company, First Data Corporation. Eventually, First Data Corporation merged with Fiserv.
Mr. Bisignano has a significant track record of donating to political causes, with a focus on supporting Republican candidates. Public records indicate that his wife, Tracy Bisignano, gave close to $1 million to support Mr. Trump’s campaign in October. However, in November 2023, Mr. Bisignano himself contributed $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed Trump but eventually withdrew from the race.
On Wednesday, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and sent congratulations to him and his family, without mentioning the specific position he was being appointed to. An hour later, the president-elect clarified the situation and put an end to the speculation about Mr. Bisignano’s new job.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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