February 20, 2024

Brown Statement on Capital One-Discover Merger

WASHINGTON, D.C. – Today, U.S. Senator Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement regarding this week’s announcement that Capital One will buy Discover Financial.

“With a merger this size, the regulators need to ensure our financial system remains strong and competitive, so that consumers continue to have access to safe, affordable financial products and services. A rubber-stamped merger that makes powerful financial companies even bigger and more powerful will do nothing for families,” said Brown. “We will be monitoring all developments to ensure that this merger doesn’t enrich shareholders and executives at the expense of consumers and small businesses.”

Senator Brown has long pressed the banking regulators to overhaul their merger policy to ensure our banking system remains fair and competitive.