Friday, February 23, 2024

What Capital One and Discover are trying to do

Our economy doesn't need this right now.
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Warren for Senate

You know what our economy doesn't need right now, Faith?

A big corporate merger that would make our financial system less stable, reduce competition, and increase fees and credit costs for American families.

I'm talking about the recently proposed merger of two credit card giants, Capital One and Discover.

This Wall Street deal is dangerous. It would harm working people. And I'm calling on regulators to block it immediately. Add your name if you agree, and say you're in this fight for a more competitive economy that works for families, not giant corporations.

All over our economy, we see the painful consequences of corporate giants being allowed to gobble up other corporate giants.

From the airline industry to grocery stores to agribusinesses to Big Tech to Ticketmaster, a smaller number of giants have gained more and more power, and they've used that power to stomp on workers and consumers.

Once they control a bigger piece of the pie, they can control things like pricing — without any fear that their customers would go across the street for a cheaper price — because they own both sides of the street. The fewer firms in an industry, the easier it is for them to collude and fix prices.

Why did we end up here? Here's a big reason: for decades, regulators took their hands off the wheel and allowed corporate concentration to reach extreme heights.

I've introduced legislation to help stomp out rampant corporate consolidation.

And I've called on federal agencies to use all their tools to challenge big, harmful corporate mergers — mergers that can lead to lower wages, higher prices, worse service, and a less competitive economy.

But I can't get this done all by myself — we fight side by side as a grassroots movement.

Add your name if you agree, Faith: We need to increase competition in our economy so small businesses, workers, and consumers can have a fighting chance — not just the big guys.

Thanks for being a part of this,

Elizabeth

 
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