Political Quotes

“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.…”