Feb 23, 2024

Missouri Senator demands Biden block Capitol One, Discover card merger

Posted Feb 23, 2024 2:00 PM

WASHINGTON —U.S. Senator Josh Hawley sent a letter to Department of Justice (DOJ) Assistant Attorney General for the Antitrust Division Jonathan Kanter, urging him to block the merger between Capital One and Discover Financial Services, according to a media release from his office.

On Tuesday, Capital One Financial said it will buy Discover Financial Services for $35 billion, in a deal that would bring together two of the nation's credit card companies as well as potentially shake up the payments industry, which is largely dominated by Visa and Mastercard

"This is destructive corporate consolidation at its starkest. If consummated, this merger will create a new juggernaut in the credit card market, with unprecedented powers to extort American consumers. That cannot be allowed to happen," wrote Senator Hawley.

On Thursday, Senator Hawley condemned the Capital One-Discover merger and also renewed his push to cap credit card interest rates at 18 percent to provide relief for working Americans.

Click here to read the full letter.