United States Senator Elizabeth Warren has voiced her concerns following the Trump administration's approval of the merger between Capital One and Discover. Warren, a prominent member of the Senate Banking, Housing and Urban Affairs Committee, issued a statement regarding the merger's implications.
"President Trump promised to cap credit card interest rates, but his Administration just rubber-stamped the creation of the largest credit card company in the country," she said. Warren emphasized the merger's potential negative impact, suggesting it could lead to "inevitably higher credit card interest rates, increased junk fees, and reduced availability of credit."
Warren criticized the decision, alleging it benefits Wall Street interests at the expense of American consumers. She remarked, "Today Wall Street initiates the newest member of its Too-Big-To-Fail club at the expense of working Americans and our nation’s financial stability—a daily theme of the Trump Administration."
The merger's approval raises questions about its effects on consumers and small businesses, particularly concerning interest rates and credit access.