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President Trump has chosen a banking executive named Frank Bisignano to head the Social Security Administration. Bisignano has worked in prominent Wall Street banks throughout his career and has a track record of making political donations, mostly to Republican candidates.
Written by Minho Kim.
Writing from the capital
Keep up with the most recent updates on Trump’s transition process and his selections for staff positions.
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. The Social Security Administration is a significant federal agency with over 1,200 field offices and nearly 60,000 employees.
The president-elect expressed on social media that Frank is a skilled business leader who has successfully transformed major corporations in the past. He has been appointed to ensure that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. Following the bank’s collapse in 2008, he spent almost five years there before transitioning to other prominent Wall Street banks like 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 executives to earn over $100 million that year and receive a salary over 2,000 times higher than the average employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a significant track record of donating to political causes, primarily supporting Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s presidential campaign in October. However, in November 2023, Mr. Bisignano himself donated $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially ran as an anti-Trump candidate but eventually 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 revealing the specific position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation surrounding Mr. Bisignano’s new role.
Minho Kim reports on recent news events and issues related to climate change. He works out of Washington, D.C. To learn more about Minho Kim
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