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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of donating to Republican political causes.
Authored by Minho Kim
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President-elect Trump revealed his selection of Frank Bisignano, who currently serves as chairman of Fiserv, a major payment processing company, as the new commissioner of the Social Security Administration. The SSA is a large government agency with over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank as a successful business leader known for his ability to turn around big companies. He will be tasked with ensuring that the Agency fulfills its promises to the American public.
In his late 20s, Mr. Bisignano quickly rose to become a senior vice president at Shearson Lehman Brothers, a prestigious investment bank in New York. However, following the bank’s collapse in 2008 and the subsequent global recession, he transitioned to other major Wall Street banks such as Morgan Stanley, Citigroup, and JPMorgan Chase & Company over the course of nearly five years.
In 2017, Mr. Bisignano was reported as the second-highest-paid CEO in the United States. He was one of the rare few executives who earned over $100 million that year, receiving a salary that was more than 2,000 times higher than the average employee at First Data Corporation, the company he was working for at the time. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, particularly to Republicans. Records from federal campaign finance show that his wife, Tracy Bisignano, gave close to $1 million to Mr. Trump’s campaign in October. However, in November 2023, he contributed $15,000 to the presidential campaign of Chris Christie, a Republican ex-governor of New Jersey who initially ran against Trump but later withdrew from the race.
On Wednesday, President Trump shared 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 clarified the situation, putting an end to the speculation about Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and issues related to climate change. He works out of Washington, D.C. For more information about Minho Kim,
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