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Trump has chosen Frank Bisignano, a banking executive, to head the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Reporting live from the
Stay updated on the most recent updates regarding Trump’s transition process and his selection of staff members.
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 praised Frank as a skilled business leader known for successfully changing big companies in a post on social media. He will have the task of fulfilling the Agency’s promise to the American People.
In his late 20s, Mr. Bisignano achieved a highly sought-after role as a senior vice president at Shearson Lehman Brothers, a major investment bank in New York. Following his time at Shearson Lehman Brothers in the late 1980s, he went on to work at other prominent Wall Street institutions, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company. The collapse of Shearson Lehman Brothers in 2008 had significant impacts on the global economy, leading to a recession.
In 2017, Mr. Bisignano was ranked as the second highest-paid CEO in the United States. He was one of the rare few who earned over $100 million that year and received a salary that was more than 2,000 times higher than the average employee at First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed close to $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, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention 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 new role.
Minho Kim reports on current events and environmental issues, with his home base being in Washington. To learn more about Minho Kim, click here.
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