Last year, Securities and Exchange Commission Chairwoman Mary Schapiro said the regulator was weighing several options to address concerns about the proliferation of the practice, used frequently by Chinese firms.

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Congress, the Treasury Department, the National Association of Securities Dealers, the Securities and Exchange Commission and the Municipal Securities Rulemaking Board are weighing in, troubled by the fact that broker-sold plans may charge a load and often have annual expenses of more than 2%.

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