House Judiciary Chairman Jim Jordan is close to finalizing subpoenas for BlackRock Inc., Glass Lewis, State Street, and Institutional Shareholder Services for documents related to the committee’s inquiry into whether their efforts to combat climate change violate US antitrust law, according to a person familiar with the matter.
The panel is looking into allegations from critics of these investment firms that they colluded in committing to make the investments. The probe underscores the deteriorating relationship between the Republican Party and Wall Street.
Jordan, an Ohio Republican, on Monday subpoenaed Vanguard Group Inc. and Arjuna Capital as part of the environmental, social and governance investing, or ESG, investigation, a follow-up to requests for cooperation in July and August.
BlackRock declined to comment on Tuesday night.
Last month, Jordan subpoenaed As You Sow and the Glasgow Financial Alliance for Net Zero (GFANZ) for documents.
(GFANZ is co-chaired by Mark Carney, who is chair of Bloomberg Inc. and former Bank of England governor, and Michael R. Bloomberg, the founder of Bloomberg News parent Bloomberg LP.)
This article was provided by Bloomberg News.