Transition of Power
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President 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, mostly to Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments in Trump’s transition process and his selection of staff members.
During his presidential transition, Trump revealed his selection of Frank Bisignano, the chairman of payment processing company Fiserv, to lead the Social Security Administration. This agency is a significant federal entity with over 1,200 field offices and nearly 60,000 staff members.
The president-elect expressed on social media that Frank is a skilled business leader known for successfully changing big companies. Frank will have the task of fulfilling the Agency’s promise to the American people.
In his late twenties, 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 almost five years there before moving on to other prominent Wall Street institutions 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, earning over $100 million that year. This amount was over 2,000 times higher than the average salary of employees at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly towards Republican candidates. His wife, Tracy Bisignano, contributed almost $1 million to Donald 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 congratulated him and his family. However, he did not mention the specific position that Mr. Bisignano was appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation about Mr. Bisignano’s new role.
Minho Kim reports on current events and environmental issues, working out of Washington D.C. To learn more about Minho Kim, click here.
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