R.J. Lehmann on the Capital One-Discover Merger
ICLE Editor-in-Chief R.J. Lehmann was quoted by ProMarket in a story about a “neo-Jeffersonian” approach to antitrust. You can read the full piece here.
Some consolidation in the debit card market is likely beneficial to the creation of the sorts of citizens that Jefferson hoped for. According to R.J. Lehmann, senior fellow at the International Center for Law and Economics, extensive payment networks operated by Discover and Visa, to name two, may “expand access to free checking accounts with no minimum balance requirements to a wider range of low-income consumers.” He adds that such networks “could offer debit cards with cashback to lower-income consumers who would not qualify for credit cards. The benefits for this important underserved community could be enormous.” In other words, some consolidation in the debit card market may empower those American citizens who are least well off and enhance their economic independence.