House subcommittee conducts hearing on 529 plans

The U.S. House Financial Services Subcommittee on Capital Markets held a hearing on June 2 to investigate fees, disclosures, and other issues surrounding state-sponsored 529 savings programs. The hearing was conducted by subcommittee chairman Richard Baker (R-Louisiana) with witnesses from the states (Diana Cantor of Virginia and Jacqueline Williams of Ohio), the investment industry (Marc Lackritz of the Securities Industry Association and Daniel McNeela of Morningstar), and academia (Michael Olivas of the Institute for Higher Education Law and Governance and Mercer Bullard of the University of Mississippi School of Law). Witnesses offered diverging opinions of the ability of the states to self-regulate the 529 investment product.
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