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Trump has selected a banking executive, Frank Bisignano, to head the Social Security Administration. Bisignano has worked for large Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
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Stay updated on the most recent developments 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, who serves as chairman of Fiserv, a large payment processing company, as the new commissioner of the Social Security Administration. The Social Security Administration is a significant federal agency that operates over 1,200 field offices and employs nearly 60,000 people.
The president-elect announced on social media that Frank, a skilled business leader, has a strong history of successfully changing major corporations. Frank has been assigned the task of ensuring that the Agency fulfills its promises to the American People.
In his late 20s, Mr. Bisignano achieved a highly desirable position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. This investment bank’s collapse in 2008 played a role in the global recession. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he transitioned to 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 few who received over $100 million in compensation that year, surpassing the average employee’s salary at First Data Corporation, which eventually merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, mostly to Republicans. Records from federal campaign finance show that his wife, Tracy Bisignano, contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he 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 shared a detailed biography of Mr. Bisignano on social media, congratulating him and his family without revealing the specific position he was being 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, primarily working out of Washington. To learn more about Minho Kim, click here.
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