Mercer Bullard, president and founder of Fund Democracy Inc., is urging states not to get into Section 529 education savings plans. In a recent paper in the University of Cincinnati Law Review, Bullard claims that having states participate in the 529 business gives them too much influence in an industry that should be controlled by the private sector, a monopoly, and shields them from regulations guiding the mutual fund industry.

"There should e a good reason for a government to enter into an area populated by private actors an even better reason to give them a monopoly," Bullard reasons.

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