Preheat oven to 375 F. In a large bowl, combine ground beef, onion, oats, half of the tomato sauce, about three-fourths of the black olives, and 1 teaspoon of the Italian seasoning. Shape into a loaf and bake in an oven-safe dish covered with aluminum foil for 45 to 50 minutes.
In a small saucepan, combine remaining tomato sauce, Italian seasoning, garlic powder, and onion powder. Cook over low heat, 3 to 5 minutes, stirring constantly. Spoon sauce over meatloaf and sprinkle with cheese and remaining olives. Return to oven for about 5 minutes, until cheese is melted. Slice and serve with mashed potatoes, pasta, or your favorite vegetables.
Per serving: 394 calories, 13.5 grams fat (4 grams saturated fat), 105 milligrams cholesterol, 744 milligrams sodium, 26 grams total carbohydrates, 5 grams fiber, 41 grams protein.
