Texas to Ask BlackRock, Vanguard to Testify on Investment Policy

Texas lawmakers are calling on BlackRock Inc., State Street Corp., Vanguard Group and Institutional Shareholder Services Inc. to cooperate with a widening probe of investment practices that GOP officials say are anti-oil and discriminatory.

In the next few weeks, state senators will request documents and testimony from executives related to the firms’ investing and consulting practices and any impact on state pensions. Firms that don’t comply will be subpoenaed, according to Senator Bryan Hughes, who chairs the State Affairs Committee, which is leading the effort.

The inquiry adds to a growing initiative by Texas Republicans, who dominate ...