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It is a fascis, which is latin for "bundle." Fasces were bundles of birch rods tied tightly together around an axe, which in Roman times were carried by guards before an authority figure like a judge or emperor. They literally represent the power to whip you (the rods) or kill you (the axe) for breaking the law.
Fasces have a history in modern iconography, too, as symbolic of national unity and the power of the state. They appear on the French coat of arms, as well as our own Lincoln Memorial and the statue of Eternal Vigilance outside the National Archives. Most memorably, though, fasces were adopted by Benito Mussolini. His political party was called Fasci di combattimento, which evoked both the fasces and the related Italian word fascio, a labor union or political group. Basically, it meant "the war group." Yup, it's where the term "fascist" comes from.
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