[Congressional Record Volume 170, Number 59 (Monday, April 8, 2024)]
[Senate]
[Page S2630]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    CAPITAL ONE AND DISCOVER MERGER

  Mr. SCHUMER. Madam President, now on Capital One and Discover, nearly 
2 months ago, Capital One and Discover quietly announced plans for an 
unprecedented, multibillion-dollar merger that in the long run could 
risk higher costs for consumers and small businesses alike.
  Capital One and Discover are two of the largest credit card-issuing 
institutions in America. If they merge, the new company would likely 
become the largest credit card issuer in the United States, with over 
400 million customers. That could risk higher interest rates, bigger 
fees, and diminished competition.

  But even so, most Americans today have no idea that this merger is 
coming, so yesterday I sent a letter to both Capital One and Discover 
asking them to share with my office more information regarding 
antitrust and consumer protections. I want to know more about market 
shares in this industry. We have already had plenty of consolidation 
throughout the economy. I want to know about a potential increase in 
fees. I want to know if workers will be laid off. I would like to hear 
how consumers are being made aware of this deal.
  One thing is certain about credit card companies: Much of their bread 
and butter is a myriad of fees and sometimes--sometimes--eye-popping 
interest rates. That is why the proposed merger of Capital One and 
Discover is such a concern. History is very clear that when big 
financial institutions get even bigger, the American consumer usually 
gets the short end of the stick. So before a credit card merger takes a 
potential swipe at consumers, every question should be answered.

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