Texas agency may keep BlackRock funds in test for new fossil fuel law

The impact of a new "anti-woke" Texas law designed to protect fossil fuel companies is about to be tested after state agencies reported their holdings in BlackRock Inc and other firms that have been censured by State Comptroller Glenn Hegar.

The new law would have agencies divest from the stocks and investment products of financial companies Hegar, a Republican, identified in August as boycotting energy industry players. The law also contained many carve-outs and allowances for continued business such as for fiduciary obligations.

Last month the Texas General Land Office...