[Congressional Record Volume 170, Number 61 (Wednesday, April 10, 2024)]
[Senate]
[Page S2678]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                    Capital One and Discover Merger

  Mr. President, now, on the proposed merger of Capital One and 
Discover, earlier this week, I sent a letter to Capital One and 
Discover asking for more information about their plans for a 
multibillion-dollar merger. If history has taught us anything, it is 
that, when big financial institutions get even bigger, it can have 
serious consequences for consumers and small businesses alike. Higher 
interest rates, bigger fees, diminished competition--these can all be 
at stake. So my letter asks some questions to both Capital One and 
Discover that the American people deserve to have answered before this 
merger goes forward.
  We need to know about market shares in this industry. We need to know 
about potential increases in fees. We need to know if any workers will 
be laid off. We need to know how consumers are being made aware of this 
planned merger. Capital One and Discover are two of the largest credit 
card-issuing institutions in America. If this merger continues as 
planned, the new company would likely become the largest credit card 
issuer in the United States of America, with over 400 million 
customers.
  So, before these two companies merge, the American people deserve 
answers to these questions to be sure they won't receive the short end 
of the stick.