Transition of power
Prom
Trump has chosen Frank Bisignano, a banking executive, to head the Social Security Administration. Bisignano has worked at prominent Wall Street banks throughout his career and has a track record of donating to Republican political causes.
Authored by Minho Kim
Writing from the capital
Stay updated on the most recent updates regarding Trump’s transition process and his choices for staff members.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who serves as chairman at the payment processing company Fiserv, to lead the Social Security Administration. This federal agency has over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank as a skilled business leader who has successfully led major corporations through transformation. In a social media post, the president-elect stated that Frank has been entrusted with the responsibility of carrying out the Agency’s promises to the American people.
In his late twenties, Mr. Bisignano quickly rose to a senior vice president position at Shearson Lehman Brothers, a top investment bank in New York. He worked there for almost five years in the late 1980s before transitioning to other prominent 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 executives who received over $100 million in compensation that year, earning more than 2,000 times the average salary of an employee at his company, First Data Corporation. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of donating to political campaigns, primarily to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed close to $1 million to Donald 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 on a platform opposing Trump but eventually withdrew from the race.
On Wednesday, President Trump posted a detailed bio of Mr. Bisignano on social media and congratulated him and his family, but did not mention the position he was being appointed to. An hour later, the president-elect clarified the situation, putting an end to the speculation surrounding Mr. Bisignano’s new role.
Minho Kim reports on current events and the impact of climate change. He works out of Washington. To learn more about Minho Kim, visit his profile
Prom
Index of the website
Navigation to access information on