Powerful Lawmaker Barney Frank shocked the investors yesterday by saying that the US Treasury will not be liable to pull shareholders out of their $5 trillion mortgage-linked securities issued by Fannie Mae and Freddie Mac.

House Financial Services Committee chairman Barney Frank said the government-backed mortgage giants Fannie Mae and Freddie Mac should be abolished as they can not operate in their current forms.

Mr. Frank, who is a Democrat from Massachusetts, called for a new structure as an alternative to Fannie Mae and Freddie Mac.

Today, two members of Congress mull to introduce a bill, which would increase the implementation of a law prohibiting the ability of credit card companies to lift interest rates and fees.