S.S.B. Is Liquid and Needs to Invest $100M

According to C.E.O. Ruiz, the Social Security Board has assets of roughly one hundred million dollars that can be converted into cash for investments in various areas of business.  Beyond the monies to invest, S.S.B. is also attracting contributors to its social media platforms to learn more about their individual contribution history.

 

Deborah Ruiz, C.E.O., Social Security Board

“We have a hundred million [dollars] liquid cash that we need to invest and put to work, but part of the process right now is legislated by law how we can do it.  It’s not that independently we can say how we are going to do this.  So we advertise that we are open for business, we are looking at viable proposals but it has to go through a process, as you know, because of the framework.  So we come in, we assess your ability to even make the loan, that you qualify, you have met all your legal obligations, that due diligence assessment is done and then we publish in the public domain and based on feedback, if it clears that then we are able to go ahead with the investment.  So it has to go through that process which can be a bit bureaucratic in terms of the turnaround time.  And, of course, it opens businesses up to public scrutiny and some businesses that are very viable don’t want to go through that.  So that has been a stumbling block for us in terms of, we have started the conversation and when they find out that it requires this public scrutiny of their [business] they don’t want.  So that has been a stumbling block, honestly.”

 

Reporter

“What are you all hoping to do in order to get more people to login to the Social Security page and start to interact with their contribution history?”

 

Deborah Ruiz

“Well part of that process, we are on Facebook so we will continue to provide information through that and through those social media channels.  But we also want to engage with people directly, so we are proposing to do more town halls to actually go in and sign up and have people recognize how easy it is to go online.  But for those persons who are unable to do so, we want to put kiosks in our offices and we are even exploring strategic points where we can go in and have a unit set up that people can go in within their own communities to access the internet services to go online and check their information.”