Top Biden White House economic advisor Gene Sperling is leaving the administration and going to the Kamala Harris campaign as the global market is tanking. Stock exchanges all around the world dropped over the weekend leading into the workweek, with the Dow Jones dropping over 1000 points on Monday.

According to the Associated Press, Sperling will become the economic adviser to Harris’ policy team on her campaign. Sperling worked with Harris for the first time as California attorney general when he was in the Obama administration and consulted with her when she was in the Senate. 

 In a White House press release on Monday morning, Biden said, "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 touted Sperling's experience and that he coordinated the American Rescue Plan, which pumped $1.9 trillion into the US economy and many have pointed to as playing a part in the inflationary cycle that has dogged the country under the Biden-Harris administration.

The statement said, "[Sperling's] 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."

The Biden White House said that the administration has looked to Sperling as a "trusted advisor on the economy" and that he had the "toughest assignments" from the Biden administration, including being the "liaison to the Big 3 automakers and UAW."