An article summarized by CNBC:
Former JPMorgan Chase executive Matt Zames is joining the Trump administration as an unpaid advisor to the Social Security Administration, where he will work with Commissioner Frank Bisignano, a former JPMorgan colleague. Zames will focus on modernizing the agency, particularly its outdated technology systems. He is expected to begin Monday at SSA headquarters in Baltimore and will serve as a special government employee for up to 130 days, although his part-time schedule could extend that period.
Zames brings extensive experience in banking, technology and restructuring. He served as JPMorgan's chief operating officer for roughly five years, where he led technology and cost-cutting initiatives and helped address the bank's infamous $6 billion "London Whale" trading scandal. After leaving JPMorgan in 2017, he became president of private equity firm Cerberus before later starting his own advisory and restructuring firm.
His arrival comes as Social Security faces both technological and financial challenges. The agency relies on decades-old computer systems, while its retirement trust fund is projected to be depleted in less than a decade, potentially forcing benefit cuts for millions of Americans. Zames' role will therefore focus on improving the agency's operations and technology as it simultaneously confronts the long-term financial problems facing Social Security.
