Trump Administration Brings in Financial Expertise to Social Security Agency

Former JPMorgan Chase executive Matt Zames has joined the Social Security Administration as an unpaid advisor, according to sources close to the matter.

Zames, who starts his new role on Monday at the SSA headquarters in Baltimore, Maryland, will be working closely with his former JPMorgan colleague, Frank Bisignano, who became Social Security commissioner last year.

The move is aimed at helping the agency modernize its outdated technology systems and tackle the looming issue of its retirement trust fund, which is projected to exhaust its funds in less than a decade.

As a special government employee, Zames can hold his new position for 130 days, but this can be spread over a longer period due to his part-time commitment.

Zames brings a wealth of experience to the table, having worked as the chief operating officer of JPMorgan for about five years. During his tenure, he spearheaded technology and cost-cutting projects, and was seen as a top contender to succeed CEO Jamie Dimon until his departure in 2017.

Before joining JPMorgan, Zames worked at Cerberus, where he oversaw tech investments and helped turn around the firm’s Deutsche Bank stake. He later started an advisory and restructuring firm, where he advised on key Treasury and Federal Reserve advisory groups tied to the debt markets.

The SSA’s reliance on decades-old technology systems has been a major concern for the agency, and Zames’ expertise in this area will be invaluable in helping to modernize its systems.

With the SSA’s retirement trust fund projected to exhaust its funds in less than a decade, the agency is facing a major challenge in ensuring that it can continue to provide benefits to millions of Americans. Zames’ appointment as an advisor is a positive step towards addressing this issue.

As Zames begins his new role, he will be working closely with the SSA’s leadership team to develop a plan to modernize the agency’s technology systems and tackle the looming issue of the retirement trust fund.

The appointment of Zames as an advisor to the SSA is a positive development for the agency, and it is hoped that his expertise will help to address the major challenges facing the agency.

It remains to be seen how Zames’ appointment will impact the SSA’s efforts to modernize its technology systems and tackle the issue of the retirement trust fund, but his expertise and experience make him an ideal candidate for this role.