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Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at top Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Reporting from the capital
Stay updated on the most recent updates regarding Trump’s transition 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, to serve as the commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 staff members.
The president-elect announced on social media that Frank, a skilled business leader known for successfully changing big companies, will be in charge of fulfilling the Agency’s 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 moving on to work at other prominent Wall Street banks such as 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 individuals who earned over $100 million that year and was paid over 2,000 times the average salary of an employee at his company, First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a significant track record of making political donations, primarily to Republican candidates. Public records of campaign finances indicate 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 support 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 posted 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 out of Washington. To learn more about Minho Kim, click here.
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