Center for Political Awareness

Elizabeth Warren Urges Regulators to Block Capital One’s Takeover of Discover

Senator says $35bn deal merging two of the largest US credit card firms would ‘threaten financial stability’ and reduce competition. (Click image for article.)

Elizabeth Warren at a committee hearing on Capitol Hill in Washington, on 10 May 2022. Photograph: Elizabeth Frantz/Reuters

 

Senator Elizabeth Warren has urged regulators to block Capital One’s $35bn takeover of Discover Financial, arguing that combining two of the US’s largest credit card companies would harm consumers and challenge financial stability.

The blockbuster deal would inevitably lead to higher costs and fees for cardholders, according to the leftwing senator.

Richard Fairbank, chairman and chief executive of Capital One, has claimed the planned acquisition amounts to “a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies”.

Click here for full article.

Leave a Reply

2.5" Vinyl Sticker

with each Donation

Enjoying what your are reading. Please donate to help with our operating expenses. Thank you!

Enjoying what your are reading. Please donate to help with our operating expenses. Thank you!

Find your US Representative: Click Here