Top Biden White House economic advisor Gene Sperling is departing the administration to join Kamala Harris’ campaign as the global market experiences significant turmoil. Over the weekend leading into the workweek, stock exchanges worldwide plummeted, with the Dow Jones dropping over 1,000 points on Monday.
According to the Associated Press, Sperling will serve as the economic advisor to Harris’ policy team on her campaign. He first collaborated with Harris when she was California’s attorney general during the Obama administration and continued consulting with her during her Senate tenure.
In a White House press release on Monday morning, President Biden stated, “When I took office, our economy was reeling, a pandemic was raging, and hundreds of thousands of small businesses across the country were at risk of shutting their doors.”
The statement highlighted Sperling’s extensive experience and his coordination of the American Rescue Plan, which injected $1.9 trillion into the US economy. Many have cited this plan as a contributing factor to the inflationary cycle under the Biden-Harris administration.
“[Sperling’s] work helped nearly 40 million working families get unprecedented child tax cut relief and over 8 million renters receive emergency assistance to keep their families housed,” the statement continued. “Under Gene’s leadership, the American Rescue Plan has delivered economic relief to cities and counties across the country, protected millions of union pensions, made the largest-ever federal investment in public safety, and kept thousands of small businesses afloat.”
The Biden administration praised Sperling as a “trusted advisor on the economy” who handled the “toughest assignments,” including serving as the “liaison to the Big 3 automakers and UAW.”
Here is the full Biden statement:
When I took office, our economy was reeling, a pandemic was raging, and hundreds of thousands of small businesses across the country were at risk of shutting their doors. Having run Recovery Act implementation for President Obama, I knew I needed an American Rescue Plan Coordinator with the expertise and experience to hit the ground running. I’m glad I picked Gene Sperling.
Gene joined my administration as the only person to have ever directed the National Economic Council under two presidents, and has helped me execute a rescue plan that has led to one of the most equitable and resilient economic recoveries ever.
His work helped nearly 40 million working families get unprecedented child tax cut relief and over 8 million renters get emergency assistance to help keep their families housed. Under Gene’s leadership, the American Rescue Plan has delivered economic relief to cities and counties across the country, protected millions of union pensions, made the largest-ever federal investment in public safety, and kept thousands of small businesses afloat.I also looked to Gene as a trusted advisor on the economy and gave him some of the toughest assignments, including serving as my liaison to the Big 3 automakers and UAW as autoworkers fought for – and secured – record contracts.
Having traveled from Delaware to D.C. every day during my Senate career, I know a thing or two about long commutes. I’m grateful to Gene’s wife Allison, his children Nina and Miles and his godchildren Derick and Samantha for allowing Gene to lend me his wisdom, his counsel, and his friendship. They should know our nation is stronger and more just because of the families that Gene has spent every day fighting for over the past three-and-a-half years.