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, mostly to Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent developments regarding Trump’s transition process and selections for his staff.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who is the chairman of Fiserv, a large 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 successful business leader known for his ability to turn around big companies, will be tasked with ensuring that the Agency fulfills its promises to the American People.
In his late 20s, Mr. Bisignano quickly rose to a high-ranking position at Shearson Lehman Brothers, a prominent investment bank in New York. He spent almost five years at the bank before moving on to work at other well-known 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 United States. He was one of the rare individuals who earned over $100 million that year and received a salary that was more than 2,000 times higher than the average employee at the company he worked for, First Data Corporation. Later on, First Data Corporation merged with Fiserv.
Mr. Bisignano has a track record of donating to political causes, largely favoring Republican candidates. According to federal campaign finance records, Mr. Bisignano’s wife, Tracy Bisignano, contributed close to $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 Republican and former 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 and congratulated him and his family. 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 job.
Minho Kim reports on urgent news stories and environmental issues, working from his location in Washington. To learn more about Minho Kim, visit his profile.
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