Massachusetts Democratic Sen. Elizabeth Warren is calling on regulators to block Capital One’s planned takeover of Discover.
according to press releaseDiscover shareholders will receive 1.0192 Capital One shares for each Discover share they own.
But Warren wants regulators to scrap the deal.
“The @CapitalOne and @Discover merger will threaten our financial stability, reduce competition, and increase fees and credit costs for American households. This Wall Street deal is risky and will harm working people. Regulators must stop it now,” Warren said. declared In the post of X.
Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, responded to Warren’s post: write“You are a threat to financial stability. Thanks to your reckless spending, Americans are responsible for repaying our $34 trillion national debt. Furthermore, taxes, regulations, and government-created inflation This is the main reason why people rely heavily on credit cards for their livelihood.” “
Democratic Sen. Sherrod Brown (Ohio), chairman of the Senate Banking, Housing, and Urban Affairs Committee, said: statement“We will be monitoring all developments to ensure this merger does not enrich shareholders and management at the expense of consumers and small businesses.”
Capital One and Discover both promote ESG ideologies.
“Discover has built a rare and valuable global payments network with 70 million merchant acceptance points in more than 200 countries and territories. “This acquisition adds scale and investment that will enable the Discover Network to be even more competitive with the largest payment networks and payment companies,” a press release about the deal said. It has been.
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