Transition of power
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President Trump has chosen Frank Bisignano, a banking executive with a background in major Wall Street banks, to head the Social Security Administration. Bisignano has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay informed on the most recent updates regarding Trump’s transition process and the individuals he is selecting for his staff
President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a major payment processing company, to lead 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 skilled business leader known for successfully changing major corporations. In a social media post, the president-elect stated that Frank will have the task of fulfilling the Agency’s promises to the American People.
In his late 20s, Mr. Bisignano achieved a highly sought-after 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 nearly 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 country, earning over $100 million that year. His compensation was more than 2,000 times higher than the average salary of employees at First Data Corporation, the company he was leading before it merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republican candidates. According to federal campaign finance records, 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 the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially ran against Trump but later withdrew from the race.
At the beginning of the day on Wednesday, Mr. Trump shared a detailed biography of Mr. Bisignano on social media and extended congratulations to him and his family. However, he did not mention the specific position that Mr. Bisignano was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s future role.
Minho Kim reports on current events and environmental issues, working from Washington. To learn more about Minho Kim, visit their profile.
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