Trump Admin Taps JPMorgan Alum Matt Zames for Social Security Advisory Role
The Trump administration has appointed Matt Zames, a former executive at JPMorgan Chase, as an advisor to the Social Security agency. Zames will take on this unpaid position for a period of 130 days, but can extend his time due to not working full-time. He joins the agency under the leadership of his colleague Frank Bisignano, who became Social Security commissioner last year.
Zames has significant experience in finance and technology, having led cost-cutting projects and spearheaded tech investments during his tenure at JPMorgan Chase. Before that, he was a hedge-fund trader and helped clean up the bank's 'London Whale' mess. He also previously served as president of private equity firm Cerberus.
The Social Security agency faces significant challenges, including outdated technology systems and a projected depletion of its retirement trust fund in less than a decade. This could require benefit cuts to millions of Americans.