1. The FBI arrested a Volkswagen official who was once in charge of compliance with emissions standards. FBI alleged he conspired to conceal how VW car pollution

Why it Matters: The Feds have been criticized for just fining delinquent multinationals without jailing executives. This is a change. It's also bad news for VW, which will continue to weather bad press as the case works its way through court.

2. Congressional Republicans hope to eliminate deductions for state and local taxes in reform of the personal tax code, the Hill reports.

Why it Matters: Depending on the design of the proposal, this could take a bite out of economic growth, as states look to cut taxes and services to ease the tax burden on residents. And ideologically, this is not a clear victory for small government enthusiasts, as it will make states increasingly reliant on federal policy, funds, and mandates.

3. Federal Housing Administration will cut insurance fees it charges borrowers, which will save the typical household $500 annually.

Why it Matters: Most housing market indicators are green, but data on credit standards show that financing is still less available today than ten years ago. This decision will help first-time homebuyers afford new homes, and be another tailwind for U.S. real estate in 2017.

What to watch for today: Global oil prices fell again late Monday, on indications that Iranian production would be higher than previously thought.

The path of oil prices Tuesday will indicate traders predictions for data released on U.S. production tomorrow. Cheap oil is no longer an unalloyed good for the U.S. economy, as domestic energy production has soared.

Go deeper

Updated 3 mins ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.