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President Trump has selected a banking executive named 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 making political donations, predominantly to Republican candidates.
Authored by Minho Kim
Reporting from the capital
Stay updated on the most recent updates regarding 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 major payment processing company, as the new commissioner of the Social Security Administration. The Social Security Administration is a large federal agency that operates over 1,200 field offices and employs nearly 60,000 people.
The president-elect praised Frank as a strong business leader who has a history of successfully changing big companies. The president-elect stated on social media that Frank will be in charge of ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. The investment bank’s collapse in 2008 had a significant impact on the global economy. After working at Shearson Lehman Brothers for nearly five years in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving to Citigroup, and eventually landing at 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 few who received over $100 million in compensation that year and earned over 2,000 times the average salary of an employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, with a focus on supporting Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano gave almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he contributed $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 congratulated him and his family. However, he did not mention the specific position Mr. Bisignano would be taking on. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s new job.
Minho Kim reports on current events and environmental issues, working out of Washington. To learn more about Minho Kim, visit his profile.
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