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Donald Trump has selected a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked at several prominent Wall Street banks throughout his career and has a track record of making political donations, largely to Republican candidates.
Authored by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and appointments of new staff members.
On Wednesday evening, 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 proven history of successfully transforming major corporations, will be tasked with ensuring that the Agency fulfills its promises to the American people.
Mr. Bisignano quickly rose to a high-ranking position in the New York finance industry in his late twenties, becoming a senior vice president at Shearson Lehman Brothers, an investment bank that collapsed in 2008 and contributed to a worldwide economic downturn. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he went on to work at other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and ultimately ending up at JPMorgan Chase & Company.
In 2017, Mr. Bisignano was named the second highest-paid CEO in the United States. He was one of the few executives who received over $100 million in compensation that year, which was over 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 candidates, mostly Republicans. 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 Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran against Trump but eventually withdrew from the race.
On Wednesday, President Trump shared a detailed biography of Mr. Bisignano on social media and congratulated him and his family without revealing the position he would be appointed to. An hour later, the president clarified the situation, putting an end to the speculation about Mr. Bisignano’s future job.
Minho Kim reports on current events and environmental issues, with his work centered in Washington. To learn more about Minho Kim, click here.
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