Biden Urged to Block $35B Capital One-Discover Card Merger Over Consumer Harm Concerns
• Thirteen top Congressional Democrats urge Biden administration to block proposed $35.3 billion Capital One-Discover merger • Lawmakers warn deal threatens to reduce customers' choices, saddle them with high fees, and increase consolidation • Sen. Elizabeth Warren leads lawmakers in describing merger as "bad for consumers" • Letter calls upcoming merger review "one of the most important tests" of efforts to prevent harmful bank deals • Democrats urge administration to strengthen policy statement to ensure future mergers do not harm consumers