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WH prepares for potential Yellen departure, Senate avoid shutdown, GM clarifies RTO policy

Notable business headlines include the White House preparing for the possible departure of Treasury Chief Janet Yellen after midterm elections, Senate avoiding a government shutdown, and GM clarifying its return to office policy.

Video Transcript

JULIE HYMAN: Now on to some other headlines that we're watching today. The White House is reportedly preparing for a possible departure of Treasury Secretary Janet Yellen. According to Axios, this would likely be part of a broader reshuffling of Biden's economic team after the midterms. Officials are also weighing the possibility that National Economic Council director Brian Deese will leave early next year.

In a statement to Yahoo Finance, White House officials tell us they are planning for potential transitions post-midterms, but neither Deese nor Yellen are part of those plans. They did confirm to us that Chair Cecilia Rouse will return to Princeton University in 2023, the end of her two-year public service leave. And we just talked to a former head of the Council of Economic Advisors, Austan Goolsbee. He said for folks to leave at this juncture would not be unusual.

The Senate averted a government shutdown Tuesday by passing a stopgap bill extending government funding until December 16. But the bill still has to face one final vote in the Senate before moving to the House. Included in that bill is $12 billion in military aid to Ukraine. What it does not include its sped up permitting of energy projects. That was a proposal by Senator Joe Manchin that drew criticism from both sides of the aisle. Manchin eventually conceded, and that measure was left out.

And General Motors is clarifying its return to office plans after backlash from employees. An internal message sent Friday said corporate workers must return to office location at least three days a week, starting later this year. It's a departure from CEO Mary Barra's flexible work appropriately plan that rolled out last April. In a follow-up note, General Motors ensured employees the three days would not be mandated. It could be decided by individual teams. It also clarified that nobody would be required to return until the first quarter of next year.