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Rep. Alexandria Ocasio-Cortez (D-N.Y.). Photo: Win McNamee/Getty Images

Members of the 116th Congress were sworn in on Thursday, officially becoming the most racially diverse and female-strong Congress in U.S. history.

The big picture: The freshmen class includes 24 people of color, the first Native American congresswomen, the first Muslim congresswomen, 42 new female members and the youngest person ever elected. Nancy Pelosi become the first person since 1955 to reclaim the speaker's gavel.

House of Representatives
Newly elected Speaker Nancy Pelosi holds the gavel during the opening session of the 116th Congress. Photo: Saul Loeb/AFP via Getty Images
Pelosi blows a kiss to applause from the chamber. Photo: Brendan Smialowski/AFP via Getty Images
Ocasio-Cortez, the youngest member of Congress ever elected, takes her oath. Photo: Chip Somodevilla via Getty Images
Reps. Debbie Wasserman Schultz (D-Fla.) and Ilhan Omar (D-Minn.), one of the first Muslim women in Congress. Photo: Brendan Smialowski/AFP via Getty Images
Reps. Deb Haaland (D-N.M.), Barbara Lee (D-Calif.) and children pose for a photo. Photo: Win McNamee via Getty Images
Rep. Eric Swalwell (D-Calif.) holds his infant daughter. Photo: Saul Loeb/AFP via Getty Images
Architect of the Capitol employee Gary Bullis hangs the new sign at the entrance to Speaker of the House Nancy Pelosi's office suite. Photo: Bill Clark/CQ Roll Call via Getty Images
Senate
Vice President Mike Pence swears in Sen. Mitt Romney (R-Utah), who is flanked by his wife, Ann. Photo: Alex Edelman/AFP via Getty Images
Sen. Kyrsten Sinema (D-Ariz.), the first openly bisexual woman in Congress, is sworn in by Pence. Photo: Alex Edelman/AFP via Getty Images

Go deeper:

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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.