Sen. Elizabeth Warren (D-MA) is calling for federal regulators to stop Capital One from buying its competitor Discover, calling the deal “dangerous.”
The all-stock deal was announced on Monday. The massive buyout would cost $35 billion and result in the largest U.S. credit card company by loan volume. While shares of Discover surged in response to the news, some, like Warren, said such a merger would be anti-competitive.
“The merger of [Capital One] and [Discover] threatens our financial stability, reduces competition, and would increase fees and credit costs for American families,” Warren said on social media. “This Wall Street deal is dangerous and will harm working people.”
“Regulators must block it immediately,” she added.
The merger must face the scrutiny of Biden administration regulators. The Biden administration has made antitrust concerns a priority.
When contacted by the Washington Examiner about the
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