A proposed merger between Capital One and Discover, valued at $35.3 billion, has sparked controversy among lawmakers and consumer advocates. Critics argue that the merger would limit competition, increase fees, and consolidate power among big banks, negatively impacting consumers and the economy. Representative Katie Porter, along with other members of Congress including Rep. Casar, Rep. Delia Ramirez, Rep. Ro Khanna, and Rep. Pressley, have voiced opposition to the deal, citing concerns over higher fees and fewer choices for consumers. They are calling on regulatory bodies like the Federal Reserve and the US Office of the Comptroller of the Currency to block the merger. On the other side, supporters of the merger believe that Capital One's acquisition of Discover's payment network could introduce more competition into the U.S. card market.
The proposed merger between credit card companies Capital One and Discover has Democrats up in arms about corporate consolidation and what they see as lazy regulation of the financial sector. https://t.co/6AeqNYYfnf https://t.co/aEE8nAsHLg
A merger between @CapitalOne & @Discover would only limit the protection of consumers, increase costs for families, and endanger our financial system. With @SenWarren and @RepAOC, I am asking regulators to prioritize families and stop this deal. https://t.co/WKvqkQpSAV
Supporters of the merger have argued that Capital One’s ownership of Discover’s payment network could inject real competition into the U.S. card market. More from Vault author @BrendanPedersen. https://t.co/2qbRFZVJDM
The merger between Capital One and Discover might be great for Wall Street, but it’s terrible for working people. We don’t need less competition, higher fees, or more powerful banks & credit card lenders. That’s why I’m asking the @FederalReserve & @USOCC to block this deal. https://t.co/KbwHQb2xL8
I joined @SenWarren to call on regulators to put consumers and small businesses first and block the Capitol One-Discover merger. https://t.co/a35ozcfsH2
With Capital One's help, Discover may finally be able to compete with Visa and Mastercard https://t.co/s5Xh69EyeQ
The proposed merger by @CapitalOne & @Discover will harm consumers, increase costs for families, and put our financial system at further risk. I’m joining @SenWarren and @RepAOC in urging regulators to block this deal. https://t.co/gUnohFJfYX
Capital One and Discover are attempting to push through a $35.3 BILLION merger that would hurt consumers, workers & the economy — all because, for decades, regulators have been nothing more than a rubber stamp to Big Banks. I'm urging the Biden administration to block this deal. https://t.co/BJwpxV3uij
Two of the largest credit card issuers—@CapitalOne and @Discover—are trying to merge, which would mean higher fees and fewer choices for consumers. Big banks don’t need to get any bigger. I’m working to block this deal. https://t.co/LvIvYkklgk