Republican Sen. Josh Hawley of Missouri has urged Jonathan Kanter, assistant attorney general for the Justice Department’s Antitrust Division, to seek to put the kibosh on the planned acquisition of Discover by Capital One.
“This is destructive corporate consolidation at its starkest. If consummated, this merger will create a new juggernaut in the credit card market, with unprecedented powers to extort American consumers,” Hawley declared in a letter to Kanter.
“You, in partnership with other regulators, must take the lead in blocking this merger. No doubt a legion of proxies and allies for the financial industry will soon emerge, claiming that this proposed deal will benefit consumers. That is doubtful. If the last several decades of American political economy indicate anything at all, it’s that the supposed benefits of monopoly never trickle down to the public at large. Instead, consolidation redounds to the benefit of shareholders and a handful of top […]
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