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 large Wall Street banks throughout his career and has a track record of making political donations, primarily to Republican candidates.
Authored by Minho Kim
Writing from the nation
Stay updated on the most recent updates regarding Trump’s transition process and the individuals being chosen for his staff.
President-elect Trump revealed his selection for the commissioner of the Social Security Administration on Wednesday. Frank Bisignano, the chairman of Fiserv, a large payment processing company, was chosen for the role. 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 spoke highly of Frank, describing him as a successful business leader known for his ability to turn around big companies. The president-elect announced on social media that Frank will be tasked with fulfilling the Agency’s 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. The bank’s collapse in 2008 contributed to a worldwide economic downturn. After working at Shearson Lehman Brothers for almost five years in the late 1980s, he transitioned to other prominent Wall Street banks, starting with Morgan Stanley, then moving on to Citigroup and eventually 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 earned over $100 million that year and received a salary that was over 2,000 times higher than the average employee at his company, First Data Corporation, which later merged with Fiserv.
Mr. Bisignano has a extensive record of making political donations, largely to Republican candidates. According to federal campaign finance records, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he donated $15,000 to the presidential campaign of Chris Christie, a former Republican governor of New Jersey who initially opposed 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 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 issues related to climate change. He is located in Washington. Find out more about Minho Kim.
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