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Donald 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
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On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, 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 praised Frank as a successful business leader known for turning around big companies. He will be tasked with ensuring that the Agency fulfills its promises to the American people.
In his late 20s, Mr. Bisignano achieved a highly desired position in the New York finance industry as a senior vice president at Shearson Lehman Brothers. This investment bank’s downfall in 2008 contributed to a worldwide economic downturn. He spent almost five years at the bank in the late 1980s before transitioning to other prominent Wall Street institutions, 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 executives who earned over $100 million that year and received a salary over 2,000 times higher than the average employee at First Data Corporation, the company that later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, primarily 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, he gave $15,000 to Chris Christie’s presidential campaign. Christie, a former Republican governor of New Jersey, initially opposed 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, but did not specify the 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 upcoming 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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