WASHINGTON–U.S. Senator Chris Murphy (D-Conn.) on Friday released the following statement on the recently announced Capital One-Discover merger:

“The Capital One-Discover merger would be a disaster for everyone but the executives and wealthy shareholders behind it. It would create the largest credit card issuer and one of the biggest banks in the nation— and then equip it with one of just four payment networks that merchants rely on to accept credit cards. By dramatically reducing competition in an already consolidated market, this new behemoth would have the power to increase fees and the cost of credit for the millions of Americans and small businesses who use their services. Regulators must block this merger.”