The Trump administration has recruited former JPMorgan Chase executive Matt Zames for an unpaid advisory role at the Social Security Administration. Zames will work closely with Social Security Commissioner Frank Bisignano, a former colleague from his time at the bank. He is expected to begin his duties this Monday at the agency’s headquarters in Baltimore, where office space has already been prepared.
Zames brings a background in high-level financial operations and restructuring. He served as chief operating officer at JPMorgan for five years and gained a reputation for managing complex projects, such as the cleanup of the bank's London Whale trading loss. After leaving the firm in 2017, he worked as president of private equity firm Cerberus before starting his own consulting practice.
His primary focus at the Social Security Administration will involve efforts to modernize the agency's outdated technology infrastructure. This move occurs at a critical time for the organization, which faces a projected depletion of its trust fund within the next decade. Such a shortfall could result in significant benefit cuts for millions of Americans if corrective measures are not taken.
As a special government employee, Zames is permitted to hold this position for up to 130 days. Because the role is not a full-time commitment, officials suggest his tenure could be spread out over a longer calendar period to address specific agency goals and restructuring needs.