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Trump has selected Frank Bisignano, a banking executive with experience at large Wall Street banks, to head the Social Security Administration. Bisignano has a track record of making political donations, largely to the Republican party.
Authored by Minho Kim
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On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the new commissioner of 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 made significant changes in big companies. The president-elect announced on social media that Frank will be in charge of fulfilling the Agency’s promise to the American people.
In his late 20s, Mr. Bisignano rose to a high-ranking position at Shearson Lehman Brothers, a prominent investment bank in New York. He worked there for almost five years in the late 1980s before moving on to work at other well-known Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 had significant impacts on the global economy.
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 and earned more than 2,000 times the average salary of an employee at his company, First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he 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, Mr. Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family without specifying the position he was being appointed to. An hour later, the president-elect clarified, putting an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working from his base in Washington. To learn more about Minho Kim, click here.
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