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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

Republicans gear up for day-of and post-Election Day litigation

Voters wait in line to cast their early ballots Photo: Joe Raedle/Getty Images

Republican Party officials say they're already looking to Pennsylvania, Minnesota and Nevada as likely battlegrounds for post-election lawsuits if the results are close.

The big picture: As pre-election lawsuits draw to a close, and with President Trump running behind Joe Biden in national and many battleground state polls, Republicans are turning their attention to preparations for Election Day and beyond, and potential recounts.

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.