The Trump Government has invited former Morgan Chase executive, Matt Zams, to join the United States Social Security Agency as a consultant. At this point in time, the agency is facing two real pressures: the reliance on old technology systems that have been in operation for many years, and the increasing prominence of the sustainability of retirement trust funds.
Will be involved in IESS consultancy work
It is reported that Zams will participate in the work as “special government employees”. Such positions may be occupied for up to 130 days, but the actual service cycle may be lengthened because they are not full-time.
The United States Social Security Agency is responsible for a wide range of retirement, disability and other benefits. The introduction of candidates with experience in the management of large financial institutions demonstrates the Government ' s desire to move forward at the operational and technical levels.
He was in charge of the technology and cost project at Morgan Chase.
Zams was involved in hedge fund transactions in the early years of his life, and then served at Morgan Chase for many years. He has received increased attention following the Bank's handling of the London Whale incident and has served as Chief Operator for about five years.
During Morgan Chase, he led the technology upgrading and cost-cutting project, which was once seen as one of the popular candidates to replace Jamie Damon until he left in 2017.
Subsequently, in 2018, he became President of the private equity company Cerberus, responsible for investment in science and technology, and participated in the restructuring of the company ' s shareholding in Deutsche Bank. After leaving Cerberus in 2021, he founded a consulting and reorganization company.
The Social Security Agency is under double pressure on technology and funding.
The institution that Zams joined has long relied on the technological system that was put in place decades ago. The ageing of the system not only affects day-to-day operations, but also makes subsequent upgrading and maintenance more difficult.
In addition to technical issues, the retirement trust fund of the United States Social Security Agency is expected to run out in less than a decade. In the absence of new financial arrangements, millions of Americans may be under pressure to cut their welfare.
Zams also served in the United States Treasury Department and the Federal Reserve-related advisory group and participated in debt market matters. This background may assist him in providing advice on institutional operations, technical adaptation and governance coordination.