In Colorado, we know the importance of supporting our community. Shopping at a small business is more than just a transaction, it’s bolstering a local economy and helping your neighbors’ businesses grow. We need smart regulatory decisions in Washington, D.C. that reflect our values here at home, which is why I am an advocate for the proposed merger between Capital One and Discover.

As a former community banker, member of Congress and owner of a family ranching operation, I see this proposed merger from several perspectives. From every angle I see possible advantages for consumers, small business owners and operators and the free-market economy that always benefits from healthy competition.

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A marriage between Capital One and Discover will inject much-needed competition into the credit card payment systems market. Currently, Visa and Mastercard dominate this sector, processing more than 80% of credit card transactions despite there being four companies. If the merger proceeds, Capital One, by gaining access to Discover’s network — which is the smallest of the payment systems companies — would establish itself as a competitive force to challenge the long-standing duopoly of Visa and Mastercard.

The infusion of competition is poised to spur improvements in product offerings, services and pricing across all credit card networks, benefiting both consumers and merchants alike. The criticism leveled at Visa and Mastercard for their high fees underscores the urgent need for increased competition in the market. During a Senate Judiciary Committee hearing in 2022, U.S. Sen. Dick Durbin of Illinois highlighted the aggressive opposition of Visa and Mastercard to initiatives aimed at fostering competition in the credit card market. The Department of Justice is even investigating Visa for anti-competitive practices. It’s clear the market is ripe for increased competition.

Though some detractors of the Capital One-Discover merger argue it would increase market concentration in the banking and credit card issuer sectors, such concerns are unfounded when examined in context. The combined entity would possess approximately $625 billion in assets, significantly smaller than the assets held by the Big Four banks, each boasting more than a trillion dollars, with JP Morgan Chase and Bank of America having more than $2 trillion in assets each. Additionally, the credit card issuer market will continue to be fluid, with more than a thousand issuers ranging from major banks to smaller regional and community banks. Consumers enjoy ample choice and flexibility, as many issuers offer similar products, making it easier for customers to switch between providers.

Even more, Capital One and Discover both are leaders in the credit access space. Both companies have pioneered programs aimed at folks with no credit history or who are rebuilding their credit history. Capital One is the largest credit card issuer to first-time credit card holders. Discover was one of the first companies to offer cards for no annual fees. Ensuring every American has access to credit is critical to creating a true equality of opportunity.

Allowing Capital One and Discover to merge would foster healthy competition and innovation in the credit card industry. By challenging the dominance of Visa and Mastercard, the merger holds the potential to enhance market dynamics, driving improvements in affordability, accessibility and service quality for both consumers and merchants. Even more, by combining two companies that have led in expanding access to credit, we can ensure more folks who have historically been locked out of credit can access it.

President Joe Biden’s anti-growth, anti-merger crusade does not comport with his claims to prioritize growing the economy from the middle out. He has repeatedly pursued policies that restrict the American economy and punish success. Approving this merger would be a chance for the Biden administration to correct course and take a step toward providing Americans — businesses and consumers alike — the opportunity to achieve their full potential. I’m calling on our regulators to do what’s right for businesses and residents, both here in Colorado and across the nation, and approve the proposed Capital One-Discover merger.

Congressman Bob Beauprez served in the U.S. House of Representatives from 2003 to 2006 serving on Ways and Means, Transportation, Small Business, and Veterans Affairs Committees. He is a former community banker and currently owner of Eagle’s Wing Bison Ranch.