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Trump admin taps JPMorgan alum Matt Zames to advise Social Security agency
CNBC • • business
Key Points:
- Former JPMorgan Chase executive Matt Zames is joining the Trump administration as an unpaid advisor to the Social Security Administration (SSA), starting Monday at the agency's headquarters in Baltimore.
- Zames will assist Social Security Commissioner Frank Bisignano, his former JPMorgan colleague, in modernizing the SSA’s outdated technology systems.
- Zames previously served as JPMorgan’s chief operating officer and played a key role in resolving the bank’s $6 billion "London Whale" trading loss, later leading tech investments at Cerberus.
- The SSA faces significant challenges, including reliance on aging technology and a projected exhaustion of its retirement trust fund within a decade, potentially leading to benefit cuts.
- As a special government employee, Zames can serve up to 130 days in this advisory role, which may be spread out over time since it is not full-time.
