Fed president abruptly resigns over leak; The mad dash for high-tech visas is crazier than ever, and more news.

Also: White House explores two controversial new taxes, Spotify ends its music free-for-all, and Ralph Lauren is the latest fashion victim. Read on…

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Changes to the H-1B visa program have begun – and the uncertainty has brought truckloads of applications. The H-1B lottery opened Monday, with 85,000 spots open for skilled foreign workers and graduate students. The New York Times reports the applications, submitted on paper, are pouring into government processing centers – the first truck in line alone carried 15,000 applications. The rush to file has likely increased due to the Trump administration’s promises to reform the H-1B program.

The president of the Richmond Fed dramatically quit after admitting to violating confidentiality. Jeffrey Lacker said he was stepping down effective Tuesday in a letter that revealed his involvement in an alleged 2012 leak of confidential information that triggered a criminal legal probe. "I have always strived to maintain the appropriate balance between transparency and confidentiality, but I regret that in this instance I crossed the line to confirming information that should have remained confidential," Lacker said. First Vice President Mark Mullinix will serve as the bank’s acting president.

Trump's economic team is exploring the creation of two highly controversial new taxes. The Washington Post reports that the White House is weighing the idea of a value-added tax (VAT) – not unlike those used in some European countries – as well as a carbon tax, to raise government revenue. The proposals are being explored to offset income and business tax cuts being pursued by the administration. The White House has since denied the reports.

JP Morgan's chairman and chief executive warns “something is wrong” with the US. In his annual missive to shareholders, Jamie Dimon expounded on a number of issues, including the bank's strategy and his thoughts on public policy. Portraying the US as a "truly exceptional" country, Dimon defended the Dodd-Frank Act, lamented the lack of labor force participation by young males, and said that schools are failing many children, leaving them unprepared for the workforce. He concluded: "Our problems are significant, and they are not the singular purview of either political party. We need coherent, consistent, comprehensive and coordinated policies that help fix these problems."

Ralph Lauren is the latest fashion victim. The upscale fashion retailer said in a filing that it is closing its flagship Polo store on Fifth Avenue in New York City, reducing its workforce, and taking other measures as part of a $370 million shakeup. The news comes two months after Ralph Lauren’s chief executive, Stefan Larsson, announced his resignation — after just two years on the job. According to the filing, Ralph Lauren is going to explore new retail concepts, overhaul its current digital platforms, and open new locations for its cafe, Ralph's Coffee.

Is it too late now to say sorry, asks Apple. The tech giant decided to break with years of tradition and invite a group of journalists (including BuzzFeed, TechCrunch, and Daring Fireball) to explain what it had in store for the Mac Pro in the coming months. “If we’ve had a pause in upgrades and updates, we’re sorry for that. We’re going to come out with something great to replace it,” Apple VP Marketing, Phil Schiller told reporters. Apple admitted that its 2013 Mac Pro redesign was a mistake, teased a “completely rethought Mac Pro”, and promised to better support its professional users in the future.

Spotify ends its music free-for-all. The music streaming service has tied down one of the world’s biggest record labels Universal Music Group by offering a unique deal – timed album exclusivity in its Premium paywall. The agreement represents the end of Spotify's long-standing policy of granting all of its users (both free and premium alike) access to complete albums on their release dates.