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Trump has chosen a banking executive, Frank Bisignano, to be in charge of the Social Security Administration. Bisignano has worked at big banks on Wall Street for many years and has a track record of supporting Republican politicians through his donations.
Authored by Minho Kim
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Stay updated on the most recent developments regarding Trump’s transition process and his selections for staff positions.
On Wednesday night, President-elect Trump revealed his selection of Frank Bisignano, who currently serves as the chairman of Fiserv, a large payment processing company, to lead the Social Security Administration. This agency is a significant federal entity with over 1,200 field offices and nearly 60,000 staff members.
The president-elect praised Frank for his successful history of improving big companies and announced on social media that he will be in charge of fulfilling the Agency’s promises to the American people.
In his late 20s, Mr. Bisignano rose to a prestigious role as a senior vice president at Shearson Lehman Brothers, a prominent investment bank. Following the bank’s collapse in 2008, he spent almost five years there before transitioning to other major Wall Street banks, including Morgan Stanley, Citigroup, and JPMorgan Chase & Company.
In 2017, Mr. Bisignano was named the second highest-paid CEO in the United States. He was one of a small number of CEOs who earned over $100 million that year and had a salary over 2,000 times higher than the average employee at his company, First Data Corporation. First Data Corporation later merged with Fiserv.
Mr. Bisignano has a track record of making political donations, mostly to Republican candidates. According to federal campaign finance reports, his wife Tracy Bisignano contributed almost $1 million to Mr. Trump’s campaign in October. However, in November 2023, he supported Chris Christie’s presidential campaign with a donation of $15,000. Christie, a Republican and former governor of New Jersey, initially ran on an anti-Trump platform but later 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 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 future role.
Minho Kim reports on current events and the environment, with a focus on climate change. He works out of Washington. For additional information on Minho Kim
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