State-sponsored 529 college savings plans are the latest investment vehicle to draw scrutiny from legislators, as Congress prepares for a series of hearings to examine their fees, broker commissions and tax efficiency.

Both the House and the Senate announced recently that they will convene in early June to discuss these issues and determine their impact on shareholders looking to save for their children's college education. The move comes on the heels of a regulatory probe launched by the National Association of Securities Dealers last summer. The NASD is currently investigating up to 15 securities firms for potential misconduct in the sale of 529 plans.

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