Transition of power
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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 making political donations, with a focus on supporting Republican candidates.
Authored by Minho Kim
Reporting live from the
Stay updated on the most recent developments 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 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 announced on social media that Frank, a seasoned business leader, has a proven history of successfully changing major companies. He has been tasked with ensuring that the Agency fulfills its promise to the American people.
In his late twenties, Mr. Bisignano achieved a highly desirable position in the finance industry in New York as a senior vice president at Shearson Lehman Brothers. This investment bank’s failure in 2008 contributed to a worldwide economic downturn. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he went 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 few executives who received over $100 million in compensation that year and made more than 2,000 times the average salary of an employee at First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Donald Trump’s campaign in October. However, in November 2023, Mr. Bisignano 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, President Trump posted a detailed biography of Mr. Bisignano on social media and congratulated him and his family, but did not mention the specific position Mr. Bisignano was being appointed to. An hour later, the president clarified the situation, putting an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and the impact of climate change. He works from Washington. Learn more about Minho Kim.
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