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The Fed Is Behind the Capital One/Discover Merger

Welcome to BIG, a newsletter on the politics of monopoly power. If you’d like to sign up to receive issues over email, you can do so here.Today I’m writing about why credit card giant Capital One is trying to buy Discover for $35 billion, which has to do with a loophole the Federal Reserve inserted into our banking laws. If it goes through, this merger will affect the relationship that millions of firms have to the payments system. First, I want to put out a job opening for something unusual. A ...

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