The White House says Clinton and Obama administration veteran Gene Sperling will lead the oversight for distributing funds from President Joe Biden’s $1.9 trillion coronavirus rescue package.

Sperling will take a role similar to the one Biden himself had as vice president in the aftermath of the 2008 financial crisis.

Sperling will work with the heads of the White House policy councils and key leaders at federal agencies to get funds out quickly and optimize their effectiveness.

During his remarks on Monday, Biden spoke about the importance of delivering funds quickly, and touted the Obama administration's success in doing so in 2009.

"We have to prove to the American people that we can provide relief without waste or fraud,” Biden said. “That's our job, that's our responsibility."

Sperling has twice served as director of the White House National Economic Council, making him one of the defining economic policymakers of the past several decades.

CNBC and CNN reported Friday that Sperling was among those whose names had been floated as a replacement nominee to run the Office of Management and Budget. Biden recalled the nomination of his original nominee, Neera Tanden, following a lack of support in the Senate.