Biden Administration Takes a Swipe at Credit Card Industry

The Biden administration regulators see a monopoly boogeyman behind the curtain of nearly every business merger and acquisition—from airlines to cellphones to chicken producers.

Now they’re trying to stop Capital One from acquiring the credit card company Discover.

That’s a bizarre cease-and-desist order, because this acquisition by Capital One would INCREASE rather than inhibit competition in an industry that processes two-thirds of retail store and online transactions worth $5 trillion each year. Americans love swiping and tapping for their shopping.

To suggest that the acquisition of two companies that control less than 10 percent of the market is anti-competitive is a proposition that borders on the absurd.

For years the Federal Trade Commission (FTC) and retailers have argued falsely that there isn’t competition in the credit card market. There are dozens of credit cards issued by banks and retailers—and Americans have freedom to choose the best deal.

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