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Trump has selected 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, predominantly to Republican candidates.
Written by Minho Kim
Live from the nation
Stay updated on the most recent updates regarding Trump’s transition process 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. 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 successful business leader known for successfully changing big companies. He will be in charge of ensuring the Agency fulfills its promises to the American people.
In his late twenties, Mr. Bisignano achieved a prestigious position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he worked at several 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 few who received over $100 million in compensation that year, earning over 2,000 times more than the average employee at First Data Corporation, the company he led before it merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a focus on supporting Republican candidates. Records from federal campaign finance show that his wife, Tracy Bisignano, gave almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he contributed $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed Trump but later withdrew from the race.
On Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family, without specifying the position he was being appointed to. The president-elect later clarified, putting an end to the speculation surrounding Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues, working out of Washington. Learn more about Minho Kim.
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