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Trump has chosen 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, with a focus on supporting Republican candidates.
Authored by Minho Kim
Updating from the nation
Stay updated on the most recent updates regarding Trump’s transition process and the individuals he is selecting for his staff
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. The agency has over 1,200 field offices and nearly 60,000 employees.
The president-elect announced on social media that Frank, a skilled business leader known for successfully transforming big companies, will be entrusted with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano rose to a highly sought-after position in the New York financial industry as a senior vice president at Shearson Lehman Brothers, an investment bank that contributed to the global recession in 2008. He spent almost five years at the bank before moving on to work at other prominent Wall Street banks, including 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 who earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. Records from federal campaign finance show that Mr. Bisignano’s wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he supported Chris Christie’s presidential campaign with a $15,000 donation. Christie, a Republican and former governor of New Jersey, initially ran on an anti-Trump platform but eventually withdrew from the race.
On Wednesday, President Trump published a detailed biography of Mr. Bisignano on social media and praised him and his family, without revealing the specific position he was being appointed to. An hour later, the president 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 out of Washington. Learn more about Minho Kim.
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