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Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked in various Wall Street banks throughout his career and has a track record of making political donations, mostly to Republican candidates.
Authored by Minho Kim
Reporting live from the
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. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect announced on social media that Frank, who is a business leader known for successfully transforming big companies, will be in charge of ensuring that the Agency fulfills its promises to the American People.
In his late 20s, Mr. Bisignano quickly rose to a senior vice president position at Shearson Lehman Brothers, a prominent investment bank in New York. Following the bank’s collapse in 2008, he spent almost five years there before moving on to work at other well-known Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was ranked as the second-highest-earning CEO in the United States. He was one of the rare executives to receive over $100 million in compensation that year, and his salary was over 2,000 times higher than the average employee at First Data Corporation, the company he worked for before it merged with Fiserv.
Mr. Bisignano has a significant track record of donating to Republican politicians. According to federal campaign finance reports, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, he also supported Chris Christie’s presidential campaign 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, Mr. Trump shared a detailed biography of Mr. Bisignano on social media, congratulating 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 speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working from Washington, D.C. To learn more about Minho Kim, please visit his profile.
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