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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, predominantly to Republican candidates.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding Trump’s transition and the individuals he is selecting for his staff.
On Wednesday night, President-elect Trump revealed his selection of 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 employees.
The president-elect announced on social media that Frank, a business leader with a successful history of changing big companies, will be in charge of fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to a senior vice president role at Shearson Lehman Brothers, a prominent investment bank in New York. Following the bank’s collapse in 2008 and the subsequent global recession, he spent nearly five years there before moving on to work at other big 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 country, earning over $100 million that year. He was one of the few executives who received compensation exceeding 2,000 times the average salary of employees at his company, First Data Corporation, which later combined with Fiserv.
Mr. Bisignano has a track record of supporting Republican political candidates through donations. According to federal campaign finance records, his wife, Tracy Bisignano, contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran on a platform opposing Trump but eventually withdrew from the race.
On Wednesday, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family without revealing the position he was being appointed to. An hour later, the president-elect 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 out of Washington. To learn more about Minho Kim, please visit his profile.
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