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Gene Sperling, a senior economic aide at the White House, is stepping down from his role to become a senior economic adviser for Vice President Kamala Harris’ presidential campaign.

What’s the deal: In an announcement, President Biden said, “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.”

Notable timing: Sperling’s departure is noteworthy as the US stock market has experienced significant drops over the past three days. Just today, over $1.8 trillion was wiped out from the stock market. It also follows major US banks warning that the United States could enter a recession soon.

What his job was: Sperling oversaw President Biden’s $1.9 trillion pandemic aid package. He was also a key liaison during significant events such as the auto strikes.

Criticism of the pandemic aid package: Some economists and Republicans have criticized the $1.9 trillion aid package. They argue that substantial federal spending has contributed to the current inflationary pressures. Despite these criticisms, the White House and Sperling maintain that the inflation issues are part of a global trend and emphasize that the aid package was essential in providing necessary relief during the pandemic and fostering economic recovery.