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Trump has chosen a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked at big banks on Wall Street throughout his career and is known for his significant donations to Republican political causes.
Authored by Minho Kim
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Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is choosing for his staff
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, as the commissioner of the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect praised Frank as a successful business leader known for turning around big companies in a social media post. He will be in charge of ensuring the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano quickly rose to a senior vice president role at Shearson Lehman Brothers, a prominent investment bank in New York. Following the bank’s collapse in 2008, he spent almost five years there before moving on to work at other big 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 executives to earn over $100 million that year, receiving more than 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 supporting Republican candidates through political donations. According to federal campaign finance reports, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he also 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, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and sent congratulations to 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 the speculation about Mr. Bisignano’s upcoming role.
Minho Kim reports on current events and environmental issues, with a focus on Washington. Learn more about Minho Kim’s work.
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