David McCormick

David McCormick

Summary

David Harold McCormick (born August 17, 1965) is an American businessman and politician. McCormick served as the CEO of Bridgewater Associates, one of the world’s largest hedge funds, from 2020 to 2022. He is the husband of former Deputy National Security Advisor for Strategy, Dina Powell.

A member of the Republican Party, McCormick served as Under Secretary of the Treasury for International Affairs during the George W. Bush administration. In January 2022, McCormick announced his candidacy for the U.S. Senate seat held by retiring incumbent Pat Toomey. He lost to surgeon Mehmet Oz in the Republican primary by fewer than 1,000 votes

OnAir Post: David McCormick

News

Casey and McCormick to face each other
Associated Press, Marc Levy – April 23, 2024

Democratic Sen. Bob Casey and Republican challenger David McCormick will face each other in Pennsylvania’s high-stakes U.S. Senate contest this fall, as Tuesday’s primary election put the men on track for a race that is expected to cost hundreds of millions of dollars and help decide control of the Senate next year.

Casey and McCormick won their respective party primary contests after they were uncontested and now enter what is likely to be a grueling, expensive and hard-fought 2024 general election campaign that culminates in the Nov. 5 vote.

Casey, seeking his fourth term, is perhaps Pennsylvania’s best-known politician and a stalwart of the presidential swing state’s Democratic Party — the son of a former two-term governor and Pennsylvania’s longest-ever serving Democrat in the Senate.

About

Source: Campaign Site

Dave McCormick has a battle plan for America’s renewal — and he’s ready to bring it and his leadership to the United States Senate on behalf of Pennsylvania.

Dave is a 7th generation Pennsylvanian. He’s a West Point graduate, combat veteran and Bronze star recipient. He’s a Pennsylvania job creator and a business leader. He’s a national security expert and a strong and experienced voice for how to overcome the threat from China. And, most important, he is a devoted husband and father of six bright young women for whom he wants to preserve the American dream.

A trusted, thoughtful leader, Dave will fight for all Pennsylvanians.

Dave was born in Washington, Pennsylvania, and raised in Bloomsburg. The son of two lifelong teachers and prominent educators and the oldest of two boys, Dave was raised to understand the value of hard work. Growing up, Dave played football and wrestled, trimmed Christmas trees, delivered newspapers, and bused tables at the Magee Hotel.

Dave was nominated to the United States Military Academy by a Pennsylvania Senator, and became the first kid from Bloomsburg to attend West Point in decades. After graduating, Dave went on to serve in the 82nd Airborne Division as a paratrooper. He was deployed to the Middle East during the First Gulf War and received the Bronze Star for his service in Iraq before retiring as a Captain.

After the Army, Dave earned his Ph.D. in international relations from Princeton University before moving to Pittsburgh to start a career in business. He worked his way up to become the CEO of FreeMarkets, a successful tech startup that employed hundreds in Western Pennsylvania.

In 2005, Dave was called to service again, this time in the highest levels of government, including as Under Secretary of Treasury and as Deputy National Security Advisor. For four years, Dave spearheaded the fight to protect American technology from Chinese theft, advised the President on key national security issues, and helped negotiate the global response to the 2008 financial crisis.

Following the administration, Dave joined Bridgewater Associates, one of the largest, most successful investment firms in the world. He served as CEO until he resigned to run for Senate in Pennsylvania in 2022.

Dave and Dina are proud to support organizations that work with veterans and their families.

Dave is committed to using his unique leadership experiences over the last four decades to deliver results for the Keystone State. He isn’t afraid to stand up to both parties to do what’s right, and he’ll do whatever it takes to fix our broken economy and restore the American Dream for all Pennsylvanians and future generations.

Overview

Web Links

Politics

Bush administration

Source: Wikipedia

McCormick’s career in government began in 2005 when he was nominated and confirmed as the Commerce Department’s Under Secretary of Commerce for Industry and Security. In this role, he oversaw export controls and was part of negotiations that led to the India–United States Civil Nuclear Agreement.[28] Later he became the Deputy National Security Advisor for International Economic Policy and was George W. Bush’s personal representative and negotiator to the Group of 8 (G8) industrialized countries before moving to the Treasury Department in 2007.

McCormick was Under Secretary of the Treasury for International Affairs from 2007 to 2009, serving as the United States’s leading international economic diplomat.[29] In this role, he was the principal adviser to Treasury Secretary Henry Paulson on international economic issues and oversaw policies in the areas of international finance, trade in financial services, investment, economic development and international debt policy.

McCormick coordinated financial market policy with the Group of Seven (G7) industrialized countries and the Group of Twenty (G20) global economies, working with finance ministers as well as their deputies.[10] He served as Secretary Paulson’s point person on the international response to the 2008 financial crisis.[30] McCormick was credited with using his relationships with top executives and policy makers around the world to help coordinate the Treasury Department’s response.[14]

Issues

INFLATION & THE ECONOMY

Under Joe Biden, everything costs more, and Bob Casey has blindly supported every disastrous Bidenomics policy that has crushed Pennsylvania families and contributed to our debt spiraling out of control. He even voted to raise taxes on hard working Pennsylvanians while voting to give massive tax breaks to millionaires in California and New York. As a former CEO, Dave has experience creating hundreds of Western Pennsylvania jobs and eliminating wasteful spending. He knows what it’s like to be responsible for the bottom line, and in the Senate he’ll work to rein in government spending, oppose tax increases, and exercise fiscal responsibility to lessen the burden on the people of the commonwealth. As a father to six daughters, Dave knows this is essential for creating opportunities for the next generation entering the workforce.

SECURING OUR BORDER

Joe Biden and Bob Casey’s failed border policies have created an enormous economic and national security threat for America and Pennsylvania. Casey has regularly voted against tougher border security measures, has supported sanctuary cities and voted to give illegal immigrants taxpayer-funded federal benefits. He even voted against Kate’s law, which set a mandatory imprisonment minimum for deported felons who illegally enter the U.S. Now, Pennsylvanians are paying for healthcare, schooling, housing, food, you name it, for people who don’t pay taxes as dangerous drugs cross our border and women and children become victims to trafficking. As Senator, Dave will fight to secure the border, put an end to drug and human trafficking, and support our border patrol agents with the resources they need to do their jobs.

AMERICA ON THE WORLD STAGE

Under the Biden administration, our adversaries see a weakening America. We saw it first in the botched withdrawal from Afghanistan. Then through an emboldened Russia waging war on Ukraine. And most recently in Israel, where Hamas launched an assault on the Israeli people with the support of Iran. Bob Casey has consistently been a rubber stamp for weak and harmful foreign policy decisions — including casting the deciding vote to pass the Iran deal, which gave them billions to fund terrorism. As a combat veteran and a former deputy national security adviser, Dave knows we need a robust defense budget focused on equipping us for next generation warfare. As Senator, he’ll work to restore America’s military might, strengthen our defense industrial base, reestablish deterrence of our adversaries, and make sure the world knows we’re not planning to relinquish our superpower status anytime soon. We must show peace through strength.

STOPPING VIOLENT CRIME

Every American deserves to feel safe where they live and work, but dangerous rhetoric and lax law enforcement policies have led to an increase in crime. Urban decay and skyrocketing murder rates are making sections of our great cities a terrifying place to raise children. Fentanyl is killing Americans in every community. As a father, Dave knows firsthand the heightened concern parents have for their children’s safety. Defunding the police, which Bob Casey supported, and declining respect for our law enforcement is diminishing the ability to keep communities safe. And Soros-funded prosecutors in cities like Philadelphia are undermining rule of law, allowing violent criminals to return to the streets. Bob Casey and Joe Biden’s approach isn’t working. That’s why 47 sheriffs from across the commonwealth have endorsed Dave. They know they can trust him to advocate for the needs of law enforcement in Washington.

GROWING PENNSYLVANIA’S ENERGY SECTOR

If Pennsylvania were a country, we would have the fourth largest natural gas reserves in the world. But under Biden’s anti-American energy policies rubberstamped by Bob Casey, we haven’t been able to access clean natural gas, including from the Marcellus Shale. Casey supports policies that are costing us jobs and driving up energy prices even more. He championed a radical cap-and-trade policy, which would have cost Pennsylvania tens of billions of dollars and half a million jobs. The commonwealth used to be an energy exporter, and now we’re an importer. Dave is a conservationist who believes we don’t have to choose between clean energy and economic development – that’s a false tradeoff. Our leaders must mitigate the risk of climate change through adaptation and energy policies that do not impose significant damage on our society, our economy, and our security, and policymakers must reckon with the reality that China and India combined are responsible for a third of global emissions and growing rapidly. America must be energy independent — it’s good for our economy and our national security — and we can do that while simultaneously supporting Pennsylvania’s position as a leader in reducing emissions. We need market-driven solutions and an “all of the above” energy agenda, not government spending that drives inflation.

EDUCATING PENNSYLVANIA’S CHILDREN

Dave is the proud son of two Pennsylvania teachers, so he’s spent much of his life hearing about how we as a country can deliver the best possible education for America’s children. Jim and Maryan McCormick saw the education and development of the next generation as the most important thing we must do as a country. Unfortunately, our education system is currently failing America’s children, and the numbers are staggering. Only 25 percent of graduating seniors could keep up with a college‐level math class, and 37 percent were ready for college‐level reading. The average high school graduate today is no better educated than she would have been twenty‐five years ago, and neither poor nor rich students are doing better. As a result, American students are falling behind the rest of the world.

Dave has a plan to revamp our education system with a talent strategy that revives and unlocks the courageous, entrepreneurial American spirit. This starts by improving the quality of our schools by expanding school choice, committing to free expression, and valuing civics and the formation of good citizens. We must also create new workforce training programs and accord job training and community colleges the same respect—and financial support—our country directs toward a four‐year college education. Equipping America’s next generation with the skills they need to succeed in the workforce is essential to the prosperity of our country and our people.

PREVENTING FENTANYL FROM RAVAGING COMMUNITIES

Fentanyl is pouring across our southern border and ravaging communities, killing over 4,000 Pennsylvanians a year — and Bob Casey has been a rubber stamp for the horrendous border policies that enabled this crisis. As a father, Dave is extremely concerned about fentanyl falling into the hands of our children, and at the end of the day, he knows this crisis will not get better until we have operational control of the southern border and stop the unabated flow of Chinese fentanyl ingredients and drug money into the Western Hemisphere. He believes the federal government needs to go after the suppliers and traffickers that produce and bring fentanyl into the United States and sanction the financial flows that facilitate it. We must use sanctions, intelligence resources, military interdictions at sea, and all other tools at our disposal to make it as difficult as possible for drug cartels to produce fentanyl with ingredients originating in China.

HARNESSING AMERICAN INNOVATION

From its beginning, America has been a cauldron of invention and innovation. The steel Pennsylvanians produced built cities and the coal and oil they extracted powered cars, factories, and people’s homes. Innovation likewise turned America into a military juggernaut and eventually a superpower after World War II. While CEO of FreeMarkets, a technology software company in Pittsburgh, Dave had a front row seat to the information revolution and saw how the flurry of technological adoption overhauled entire industries. It had a tremendously positive effect on American businesses and, more importantly, American workers. Today, we need to re-energize innovation, including through improving education in math, science, and engineering as well as technical skills training, and driving technological and data leadership which would in turn boost productivity and economic dynamism. Together, they would reverse the cycle of stagnation that holds our country back and form the foundation of the great American renewal.

ENDING CHINA’S FREE REIN

China poses the gravest threat to our security and well-being since the end of World War II, and career politicians like Bob Casey have gotten China wrong for more than two decades. Dave believes our prosperity, our security, and our values are at risk. Senator Casey has been in Washington since 2007 and has failed to exercise leadership on behalf of Pennsylvanians to address this significant and growing threat. Instead, he has been a rubber stamp for policies that have weakened America and made us more dependent on China, including growing reliance on lithium batteries and solar panels. That’s why Dave introduced a plan to fortify American military and economic strength, thwart China’s aggressive ambitions and protect the homeland through six bans to end China’s free ride. You can read his plan here.

SUPPORTING PENNSYLVANIA’S VETERANS

As a combat veteran, Dave knows that serving your country involves personal sacrifice. Too many of our nation’s veterans don’t get the care they deserve after coming home, and as a result, many struggle with their mental health, with a devastating twenty-two veterans a day taking their own lives. Dave knows that we need to equip our veterans with not just quality health care, but mental health care. That’s why he’s met with both veterans and officials to discuss ways to help those who are struggling after their service. We have an obligation to protect those who protected us. Dave also believes that most veterans excel in civilian society, which is why he always made a point to hire them while leading teams at both FreeMarkets and Bridgewater. Veterans are well‐trained young men and women with unlimited potential, and they often have incredible leadership experience and technical skills from their service. As Pennsylvania’s Senator, Dave will work to connect veterans with job opportunities in the private and public sector to help them succeed following their service to our country.

ELECTION INTEGRITY

Joe Biden and Bob Casey’s failed agenda is wreaking havoc on our country, both at home and abroad. Democrats are trying to enact a sweeping, federal takeover of elections that erases common sense requirements like presenting a photo ID to vote, requiring that ballots be in by Election Day, and ensuring adequate observers and oversight before and during the election. We need to beat our Democratic opponents in November by mobilizing every Pennsylvanian who wants better leadership in Washington and ensuring they vote, whether that be by mail or on Election Day. Every Pennsylvanian needs to be able to have faith and confidence in our elections.

ABORTION

Dave recognizes that this is an incredibly polarizing issue and we need to seek policies that unify the country. Dave is pro-life, is opposed to a national abortion ban, and supports exceptions in the cases of rape, incest, and saving the life of the mother. In Pennsylvania, the current law, supported by both Republicans and Democrats, means abortion is legal through 24 weeks. Meanwhile, Bob Casey Jr. has the extreme position of supporting abortion up until the moment of birth. Bob Casey’s position is out of step with Pennsylvania, with America, and with his own late father.

SECOND AMENDMENT

Dave is a strong supporter of the Second Amendment and believes law-abiding citizens have an individual right to own firearms for self-defense, hunting, collecting, and sport-shooting, for any lawful reason, and neither Congress nor the states can take that away. As a responsible gun owner and a concerned father, Dave believes that we must increase school security across the board, and provide the money to do so, with school security officers. Second, we need to expand our mental health programs and reduce the stigma associated with seeking treatment. Third, prosecutors like Philadelphia’s Larry Krasner have to enforce the laws we have on the books. It’s unacceptable that some of the cities with the most stringent gun laws have the highest violent crime rates because of a lack of enforcement by liberal prosecutors. Finally, we need to make sure our law enforcement have the resources they need to protect our communities, and that we have rigorous background check systems, as we have in Pennsylvania. We need to preserve our rights while keeping guns out of the hands of criminals.

STANDING UP FOR AMERICAN VALUES

As a combat veteran and former government official who has lived the American Dream, Dave is a fierce defender of our values, and believes the progressive left is embracing an ideology that is undermining the basic tenets of our democracy. We need new leaders to cultivate the American spirit and restore institutional integrity: in the Pentagon, to put war fighting and deterrence first; in schools, to teach civics and America’s exceptional story; in business, to reaffirm the principles of merit and capitalism; and across society, to create a new national commitment to citizenship. Dave will always stand up for the truth with moral clarity.

TERM LIMITS

Dave wants to go to Washington to deliver results for Pennsylvanians — not to become a career politician like Bob Casey. Dave supports term limits and will not serve more than two terms in the Senate if elected.

More Information

Wikipedia

Not to be confused with David McCormack.

David Harold McCormick (born August 17, 1965) is an American businessman and politician who served as the CEO of Bridgewater Associates, one of the world’s largest hedge funds, from 2020 to 2022.[2][3] He is the husband of former Deputy National Security Advisor for Strategy Dina Powell.[2][3]

A member of the Republican Party, McCormick served as Under Secretary of the Treasury for International Affairs during the George W. Bush administration.[3] In January 2022, McCormick announced his candidacy for the U.S. Senate seat held by retiring incumbent Pat Toomey.[4] He lost to Mehmet Oz in the Republican primary by fewer than 1,000 votes.

In September 2023, McCormick announced his second U.S. Senate campaign. He won the Republican nomination running unopposed. He is facing Democratic incumbent Senator Bob Casey Jr. in the 2024 general election.[5]

Early life and education

McCormick was born in Washington, Pennsylvania, and raised in the Pittsburgh area.[6][7] He attended high school in Bloomsburg.[7] His father, James H. McCormick, was president of Bloomsburg University and chancellor for the Pennsylvania State System of Higher Education.[7] His mother, Maryan G. McCormick, was a college professor.[8]

McCormick graduated from West Point in 1987 with a Bachelor of Science degree[9] in mechanical engineering. He was a four-time letterman on the Army wrestling team and the team’s co-captain his senior year. He was two-time Eastern runner-up at 167 pounds.[10]

In 1996, he earned a PhD in international relations from Princeton University‘s School of Public and International Affairs.[11] Two years later, he published a book based on his doctoral thesis called The Downsized Warrior about the downsizing of the U.S. Army at the end of the Cold War.[10]

In 2021, McCormick received an honorary degree from Dickinson College.[12]

Military career

After his graduation from West Point, McCormick went to United States Army Airborne School and to Ranger School; he was named the Honor Graduate of Ranger School. He joined the 82nd Airborne Division at Fort Bragg, North Carolina, in 1987.[13]

McCormick was part of the first wave of U.S. troops sent into Iraq during the Gulf War in 1991.[14] He was executive officer of a combat engineering company of 130 soldiers tasked with clearing minefields and destroying enemy munitions. McCormick left the service in 1992 after five years’ commissioned service.[14][15]

Private sector career

From 1996 to 1999, McCormick worked as a consultant at McKinsey & Co. based in Pittsburgh.[10]

In 1999, McCormick joined FreeMarkets, a global provider of software and services. Later that same year the company conducted an initial public offering.[16] McCormick was promoted to president of FreeMarkets in 2001 and was named chief executive officer in 2002. He successfully sold FreeMarkets to Ariba in 2004 for approximately $500 million[10][17] and then remained at Ariba as president for the next 18 months before he was asked to join the Bush administration.[18]

Bridgewater Associates

McCormick joined Bridgewater Associates in 2009 as their president.[10] He became co-CEO in 2017,[19] where he was responsible for overseeing the management of the firm and liaising with institutional investors.[20][21]

In December 2019, it was announced that McCormick would become the sole CEO of Bridgewater in 2020, marking the end of a 10-year management transition of the firm.[22][2] As head of Bridgewater, McCormick had raised 8 billion yuan ($1.3 billion) for a private fund in China by November 2021.[23] In late 2021, while McCormick was mulling a run for a United States Senate seat in Pennsylvania, he began to distance himself from Bridgewater founder Ray Dalio and his defenses of China’s human rights policies, openly rebuking him during company calls.[23]

McCormick left Bridgewater on January 3, 2022, and was replaced by Mark Bertolini and Nir Bar Dea as co-CEOs.[24]

Career in politics and government

Bush administration

McCormick’s career in government began in 2005 when he was nominated and confirmed as the Commerce Department‘s Under Secretary of Commerce for Industry and Security.[25][26][27] In this role, he oversaw export controls and was part of negotiations that led to the India–United States Civil Nuclear Agreement.[28] Later he became the Deputy National Security Advisor for International Economic Policy and was George W. Bush‘s personal representative and negotiator to the Group of 8 (G8) industrialized countries before moving to the Treasury Department in 2007.[1]

McCormick was Under Secretary of the Treasury for International Affairs from 2007 to 2009, serving as the United States’s leading international economic diplomat.[29] In this role, he was the principal adviser to Treasury Secretary Henry Paulson on international economic issues and oversaw policies in the areas of international finance, trade in financial services, investment, economic development and international debt policy.

McCormick coordinated financial market policy with the Group of Seven (G7) industrialized countries and the Group of Twenty (G20) global economies, working with finance ministers as well as their deputies.[10] He served as Secretary Paulson’s point person on the international response to the 2008 financial crisis.[30] McCormick was credited with using his relationships with top executives and policy makers around the world to help coordinate the Treasury Department’s response.[14]

Consideration for roles in the Trump administration

McCormick in 2018

When Donald Trump was president-elect, he considered naming McCormick the U.S. Secretary of Treasury, but instead offered him the position of U.S. Deputy Secretary of Defense.[31] However, he declined this position because he was happy with his role at Bridgewater. In early 2019, McCormick was under consideration for U.S. Secretary of Defense by the Trump administration.[32]

In 2017, McCormick was named by James Mattis as a member of the Defense Policy Board Advisory Committee, a federal advisory committee to the U.S. Department of Defense. He was removed from this position by President Donald Trump in 2020 along with 11 other members with ties to the foreign policy establishment.[33]

Political donations and endorsements

Spanning back to 2009, McCormick has donated more than $300,000 to politicians, political parties and political action committees.[34] McCormick has donated to the campaigns of Senators John McCain and Mitch McConnell and the congressional campaign of Mike Pompeo.[34] In 2014, McCormick gave a $25,000 donation to the Republican Governors Association.[35] McCormick was a supporter of the 2016 presidential campaign of Jeb Bush.[36][37]

McCormick did not donate to Donald Trump’s 2016 or 2020 presidential campaigns.[34]

McCormick has mainly supported Republicans, but has also donated to Democrats, including Dan Helmer and Amy McGrath (both congressional candidates) and Senator Jack Reed.[34][38]

U.S. Senate campaigns

2022

Main article: 2022 United States Senate election in Pennsylvania

It was reported in December 2021 that McCormick was being recruited by Republicans to run for the Senate seat in Pennsylvania that was held by Republican Senator Pat Toomey, who was not seeking re-election in 2022.[39] On November 22, 2021, Sean Parnell—who had been endorsed by former President Donald Trump and was regarded as a frontrunner in the Senate race—withdrew from the race amidst accusations of domestic violence from his estranged wife.[40] McCormick announced his candidacy for the Senate on January 13, 2022.[4]

McCormick was criticized by his Republican primary opponents for recently being a resident of Connecticut and for leading a hedge fund that invested in China.[4] A Super PAC supporting Republican candidate Mehmet Oz accused McCormick of outsourcing jobs from Pittsburgh to India while McCormick was CEO of FreeMarkets. McCormick denied the claim, but said he did have to eliminate 40 to 50 Pittsburgh-based jobs; McCormick denied that the decision was related to outsourcing.[41] In response to Oz, McCormick demanded Oz renounce his dual citizenship with Turkey.[42]

In February 2022, McCormick ran a 30-second commercial during Super Bowl LVI highlighting the rising inflation rate and the withdrawal of troops from Afghanistan against the audio background of crowds chanting “Let’s go Brandon,” a phrase meant to be an insult to Joe Biden.[43]

Former President Trump endorsed Oz on April 10, 2022, citing the popularity of his television show and perceived appeal to female voters.[44]
McCormick had sought Trump’s endorsement, but according to McCormick, Trump told him he would need to say the 2020 presidential election was stolen in order to earn the former president’s endorsement.[45]

McCormick lost to Oz in the primary election, 31.2%-31.1%. An automatic recount was triggered because Oz’s margin of victory was less than 0.5 percent. The recount ultimately failed to help McCormick, whose campaign launched a court case to have undated mail-in ballots counted with the rest of the votes. (The mail-in ballots were seen as potentially helping McCormick should they be included.) McCormick lost to Oz by a margin of less than 1,000 votes.[46] On June 3, McCormick conceded the election to Oz.[47]

During the primary, McCormick released campaign televised advertisements questioning Oz’s stances on conservative issues such as abortion and gun rights, referring to Oz as a “Hollywood liberal” and a “RINO” (Republican In Name Only).[48] Those ads continued to hurt Oz during his general election campaign against Democrat John Fetterman, according to Politico.[49]

2024

Main article: 2024 United States Senate election in Pennsylvania

On September 21, 2023, McCormick announced his second Senate campaign.[50] Soon after announcing his candidacy, McCormick received an endorsement from the Pennsylvania Republican Party. He was already seen as the party’s favorite and had the support of many Republican officials before he even announced.[51] McCormick had a clear path to the Republican nomination after two minor candidates who filed to run against him were disqualified.[52]

McCormick was present at the July 2024 Pennsylvania rally where an attempted assassination of Donald Trump took place. McCormick was seated in the front row of the rally, positioned to the right of the former president when shots rang out. McCormick described the incident as “a very scary moment” and said Trump was “very lucky to be alive.”[53]

Political positions

2021 U.S. Capitol attack

McCormick expressed regret over the 2021 attack at the U.S. Capitol. He said the attack marks “a dark chapter in American history” and “puts a highlight on the responsibility of leaders to be able to create a dialogue where people are understood.”[54] He also said “I think [Trump] has some responsibility, a lot of responsibility for [the attack], and I think that this last dark chapter at the Capitol…history will look very unfavorably on that and all the people that were involved in that.”[54]

Free trade

McCormick has highlighted the benefits of free trade, stating in 2008 that “the key to remaining competitive in today’s changing world is embracing openness to trade and to investment and to people”.[55] In more recent times, he has supported President Trump’s America First policy, indicating a shift. In the past, he has seemed to argue that the benefits of free trade outweighed the downside of displacing American workers and suggested retraining those whose jobs have become obsolete. He also opposed U.S. exports which gave advantages to China’s military.[55] In 2009, McCormick and Karan Bhatia co-wrote an opinion piece for Wall Street Journal Asia supporting the Trans-Pacific Partnership.[56]

Foreign policy

McCormick has championed the role of a strong United States on the world stage and has advocated for the idea that the United States can focus on addressing domestic issues while also leading efforts to promote human rights.[28] In 2016 he stated, “If we are to promote equality and pluralism around the world, we must walk towards, rather than away from, our unique success in advancing these values at home while still embracing the idea that America is, and always will be, a work in progress”.[28]

China

In 2007, McCormick spoke as a member of the Bush administration in Beijing, China, where he said that “When China succeeds, the United States succeeds…” and that the United States owes “much of the strength and vitality of our economic relationship today to the remarkable success of China’s economic development over the last three decades…”[55] As a member of the Bush administration, McCormick pushed China to raise the value of its currency. He later praised President Trump’s administration for measures to counter China.[28][55]

Immigration

McCormick has called for increasing skilled immigration to the United States. He also supports building a wall on the US-Mexico border.[38][57]

LGBTQ rights

In 2013, McCormick joined 131 other Republicans in signing an amicus brief filed at the United States Supreme Court supporting the legalization of gay marriage prior to Obergefell v. Hodges.[58] During McCormick’s tenure as CEO of Bridgewater Associates, the company’s policy was to fully pay for gender transition surgery.[59][better source needed] During his campaign for Senate, McCormick stated that he opposes federal funding towards gender transition surgeries and transgender girls participating in girls competitive sports.[59][better source needed]

Personal life

In 2019, McCormick married Dina Powell, an executive at Goldman Sachs who was Deputy National Security Advisor in the Trump administration.[7][32] He was previously married to Amy Richardson, with whom he has four children. McCormick and Powell own homes in Pittsburgh, Pennsylvania, and Westport, Connecticut, where his children attend high school and where he spent most of his time prior to his political campaigns.[60] In 2022, McCormick sold a home in Fairfield, Connecticut, and purchased a house in Pittsburgh. He also owns his family’s farm in Bloomsburg, Pennsylvania, where he grew up. In January 2023, he sold his Manhattan condo for $13 million.[60] The McCormicks have between $24 and $120 million in properties, including a condo in Dallas and a ranch in Colorado.[61]

In 2009, McCormick was appointed a faculty member at Carnegie Mellon‘s Heinz College and named a Distinguished Service Professor of Information Technology, Public Policy and Management.[62] McCormick is on the board of both the United Service Organizations (USO)[63] and the Hospital for Special Surgery (HSS).[64]

Published works

  • The Downsized Warrior: America’s Army in Transition (1998)[65]
  • Superpower in Peril: A Battle Plan to Renew America (2023)[66]

References

  1. ^ a b “David H. McCormick”. George W. Bush White House (archived). Retrieved May 24, 2022.
  2. ^ a b c Levy, Rachael (December 3, 2019). “Bridgewater Co-CEO Eileen Murray to Depart”. Wall Street Journal.
  3. ^ a b c Fortado, Lindsay; Wigglesworth, Robin (December 6, 2019). “Former US Ranger ready to take command at Bridgewater”. Financial Times. Nikkei. Retrieved December 9, 2019.
  4. ^ a b c Tamari, Jonathan (January 13, 2022). “Republican David McCormick launches run for Senate in Pa”. The Philadelphia Inquirer. Archived from the original on January 13, 2022. Retrieved January 13, 2022.
  5. ^ “Battle for the White House looms large over Pennsylvania’s U.S. Senate race”. March 18, 2024.
  6. ^ Grant, Tim (September 12, 2019). “Hedge fund executive sees changing U.S. economic, political landscape”. United States: Pittsburgh Post-Gazette. PG Publishing Co. Retrieved December 12, 2019.
  7. ^ a b c d Lippman, Daniel; McGraw, Meridith; Otterbein, Holly; Allison, Natalie (November 4, 2021). “Pennsylvania Republicans eye top investment CEO for Senate primary”. Politico. Retrieved November 4, 2021.
  8. ^ “Bloomsburg University dedicates the Maryan G. McCormick Serenity Garden”.
  9. ^ “Executive Profile: David Harold McCormick Ph.D.” Bloomberg. Retrieved December 12, 2016.
  10. ^ a b c d e f Rice, Daniel E.; Vigna, John (2013). West Point Leadership: Profiles of Courage. Daniel E. Rice. pp. 413–532. ISBN 978-0989147309. Retrieved August 11, 2014.
  11. ^ “A Conversation with General C.Q. Brown and David McCormick *94 *96 | The G. S. Beckwith Gilbert ’63 Lectures”. gilbertlectures.princeton.edu. Retrieved August 18, 2021.
  12. ^ Sheriff, Sarah. “2021 Honorary Degree Recipients”. www.dickinson.edu.
  13. ^ McElhaney, Alicia; McDaniel, Kip (August 26, 2020). “Bridgewater Is Having a Bad Year. David McCormick Has a Plan”. Institutional Investor. Retrieved October 27, 2023.
  14. ^ a b c Ward, Jon (December 16, 2008). “Treasury’s prized persuader”. United States: The Washington Times. The Washington Times, LLC. Retrieved August 11, 2014.
  15. ^ “Ariba’s McCormick picked for job at Commerce”. Pittsburgh Post-Gazette. Retrieved January 26, 2021.
  16. ^ Ewing, Terzah. “FreeMarkets’ IPO Marks Another Explosive Debut”. The Wall Street Journal. Retrieved August 11, 2014.
  17. ^ Kawamoto, Dawn (January 23, 2004). “Ariba to buy FreeMarkets for $493 million”. ZDNET. Retrieved August 11, 2014.
  18. ^ Otterbein, Holly; Allison, Natalie (December 1, 2021). “Hedge fund CEO readies Senate bid despite Oz announcement”. POLITICO. Retrieved October 27, 2023.
  19. ^ “Five Questions with Dina Powell McCormick | Bush Center”. Five Questions with Dina Powell McCormick | Bush Center.
  20. ^ Williamson, Christine (March 1, 2017). “Ray Dalio to step down from co-CEO role as part of shakeup at Bridgewater”. United States: Pensions & Investments. Crain Communications Inc. Retrieved January 21, 2018.
  21. ^ “Hedge fund executive sees changing U.S. economic, political landscape”. Pittsburgh Post-Gazette. Retrieved December 12, 2019.
  22. ^ Fortado, Lindsay (December 6, 2019). “Former US Ranger ready to take command at Bridgewater”. Financial Times. Archived from the original on December 6, 2019. Retrieved December 15, 2019.
  23. ^ a b Natarajan, Sridhar; Burton, Katherine (December 4, 2021). “Bridgewater CEO Clashes With Dalio Over China Before Senate Race”. Bloomberg.
  24. ^ Reyes, Yacob (January 3, 2022). “Bridgewater CEO resigns ahead of potential Senate run”. Axios. Archived from the original on January 3, 2022. Retrieved January 3, 2022.
  25. ^ “David McCormick — Department of Commerce”. White House Archives. Retrieved August 11, 2014.
  26. ^ “PN662 – Nomination of David H. McCormick for Department of Commerce, 109th Congress (2005–2006)”. www.congress.gov. October 7, 2005.
  27. ^ “PN191 – Nomination of Mario Mancuso for Department of Commerce, 110th Congress (2007–2008)”. www.congress.gov. May 25, 2007.
  28. ^ a b c d “David McCormick, president of world’s biggest hedge fund, said to be Trump front-runner for defense deputy”. The Chicago Tribune. December 16, 2016. Retrieved February 13, 2022.
  29. ^ “David H. McCormick, Under Secretary for International Affairs, Department of the Treasury”. US Department of State. Archived from the original on February 28, 2015. Retrieved August 11, 2014.
  30. ^ Lowenstein, Roger (March 18, 2010). “Mr. Goldman Goes to Washington”. The New York Times. Retrieved August 11, 2014.
  31. ^ “Bridgewater executive McCormick declines Defense Department role”. Thomson Reuters. January 10, 2022. Retrieved February 12, 2022.
  32. ^ a b Seligman, Lara (February 20, 2019). “Does Anyone Want to Be Secretary of Defense?”. United States: Foreign Policy. The Slate Group. Retrieved December 9, 2019.
  33. ^ Detsch, Jack (November 25, 2020). “Pentagon Purges Leading Advisors From Defense Policy Board”. Foreign Policy. Retrieved February 12, 2022.
  34. ^ a b c d Allison, Bill (January 13, 2022). “McCormick’s Bridgewater-Era Donations Hint at GOP Network to Tap”. Bloomberg News. Retrieved February 15, 2022.
  35. ^ Pazniokas, Mark (April 19, 2014). “State donors generous to GOP governors this year”. Record-Journal. p. A6. Retrieved February 14, 2022.
  36. ^ “Ex-hedge fund CEO David McCormick aims to be hometown boy in key Pennsylvania Senate race”. 90.5 WESA. March 16, 2022.
  37. ^ “Jeb Bush will raise a bundle of money. Here’s where it will come from”. Yahoo Finance. June 15, 2015.
  38. ^ a b Hounshell, Blake (February 23, 2022). “The Art of the MAGA Makeover”. The New York Times. Retrieved February 25, 2022.
  39. ^ Copeland, Juliet Chung and Rob (December 3, 2021). “Bridgewater CEO David McCormick Tells Staff He Is Close to Decision on Senate Run”. Wall Street Journal. ISSN 0099-9660. Retrieved December 22, 2021.
  40. ^ Isenstadt, Alex; Allison, Natalie; Otterbein, Holly (November 22, 2021). “Parnell suspends Pennsylvania Senate campaign”. Politico. Retrieved August 14, 2023.
  41. ^ Delano, Jon (January 13, 2022). “Hoping For Trump’s Support, Former Hedge Fund CEO Dave McCormick Announces Candidacy For Pennsylvania’s US Senate Seat”. KDKA.
  42. ^ Steinhauser, Paul (January 14, 2022). “PA GOP Senate Battle: David McCormick returns fire, calls on Dr. Oz to ‘renounce’ Turkish citizenship”. Fox News.
  43. ^ Oshin, Olafimihan (February 14, 2022). “GOP Senate candidate to run ‘Let’s go Brandon’ ad during Super Bowl”. The Hill. Retrieved February 14, 2022.
  44. ^ Klein, Charlotte (April 10, 2022). “Trump Endorses Dr. Oz, Citing His Popularity on TV and Nice Things he Said About Trump’s Health”. Vanity Fair. Retrieved May 7, 2022.
  45. ^ Levy, Marc (February 21, 2024). “In Pa. Senate race, likely GOP nominee, Trump seem to be ignoring each other”. The Citizens’ Voice. Associated Press. pp. A1, A5.
  46. ^ Deto, Ryan (June 3, 2022). “‘We came so close’: McCormick concedes GOP race for U.S. Senate; Oz to face Fetterman”. TribLIVE. Retrieved September 1, 2022.
  47. ^ “McCormick concedes to Oz in Pennsylvania GOP Senate primary”. AP NEWS. June 3, 2022. Retrieved June 3, 2022.
  48. ^ Farley, Robert (March 17, 2022). “Ads Attacking Dr. Oz”. FactCheck.org. Annenberg Public Policy Center. Retrieved September 1, 2022.
  49. ^ McGraw, Meridith (September 1, 2022). “Dr. Oz and David McCormick will finally reunite”. Politico. Retrieved September 1, 2022.
  50. ^ Ukenye, Lawrence (September 21, 2023). “McCormick launches second Pennsylvania Senate campaign”. Politico. Retrieved September 21, 2023.
  51. ^ Kail, Benjamin (April 22, 2024). “How did David McCormick dodge a primary in his bid to unseat U.S. Sen. Bob Casey?”. PennLive Patriot-News. Tribune News Service. Retrieved April 23, 2024.
  52. ^ Cole, John (March 11, 2024). “Casey vs McCormick general election matchup appears set after petition challenges”. Pennsylvania-Capital Star. Retrieved March 12, 2024.
  53. ^ Brooks, Emily (July 13, 2024). “Pa. Senate candidate David McCormick, in front row at rally: Trump ‘lucky to be alive’“. The Hill. Retrieved July 14, 2024.
  54. ^ a b “Bridgewater CEO McCormick on Markets, Politics, and Polarization”. Bloomberg News. Retrieved February 13, 2022.
  55. ^ a b c d Tamari, Jonathan (February 8, 2022). “David McCormick’s longtime praise for China and trade could bite his Pa. Senate run”. The Philadelphia Inquirer. Retrieved February 13, 2022.
  56. ^ “It’s the Economy, Stupid”. Wall Street Journal. Retrieved April 26, 2024.
  57. ^ “McCormick MAGA-proofs his Senate campaign after dissing Trump”. Politico. January 11, 2022. Retrieved February 13, 2022.
  58. ^ Avlon, John (February 28, 2013). “The Pro-Freedom Republicans Are Coming: 131 Sign Gay Marriage Brief”. The Daily Beast. Retrieved February 13, 2022.
  59. ^ a b “Pennsylvania Senate candidate David McCormick takes fire for corporate history on transgender activism”. Fox News. Retrieved February 25, 2022.
  60. ^ a b Slodysko, Brian (August 14, 2023). “David McCormick is gearing up for a Senate run in Pennsylvania. But he lives in Connecticut”. AP News. Retrieved August 14, 2023.
  61. ^ Terruso, Julia (August 15, 2023). “Does David McCormick live in Pennsylvania?”. www.inquirer.com. Retrieved September 17, 2023.
  62. ^ “Former Undersecretary for International Affairs Joins Carnegie Mellon’s Heinz College in D.C.” Carnegie Mellon University. April 7, 2009.
  63. ^ Support, Ways to; Wishbook. “Board of Governors”. United Service Organizations. Retrieved December 15, 2019.
  64. ^ “Hospital Leadership: Officers, Trustees, Advisers, Councils”. Hospital for Special Surgery. Retrieved December 15, 2019.
  65. ^ McCormick, David H. (February 1998). The Downsized Warrior: America’s Army in Transition. NYU Press. p. 278. ISBN 0814755844.
  66. ^ McCormick, David H. (March 2023). Superpower in Peril: A Battle Plan to Renew America. Center Street (Hachette Book Group). p. 309. ISBN 9781546001959.
Political offices
Preceded by

 Under Secretary of Commerce for Industry and Security
2005–2006		Succeeded by

Mario Mancuso
New office United States Deputy National Security Advisor for International Economic Affairs
2006–2007		Vacant

Title next held by

Caroline Atkinson

Preceded by

 Under Secretary of the Treasury for International Affairs
2007–2009		Succeeded by

Business positions
Preceded by

 Chief Executive Officer of Bridgewater Associates
2017–2022
Served alongside: Eileen Murray (2011–2020)		Succeeded by

Nir Bar Dea
Mark Bertolini
Party political offices
Preceded by

 Republican nominee for U.S. Senator from Pennsylvania
(Class 1)
2024		Most recent


source: https://en.wikipedia.org/wiki/David_McCormick

Discuss

OnAir membership is required. The lead Moderator for the discussions is Scott Joy. We encourage civil, honest, and safe discourse. For more information on commenting and giving feedback, see our Comment Guidelines.

This is an open discussion on the contents of this post.

Home › Forums › Open Discussion

Viewing 0 reply threads
Viewing 0 reply threads
  • You must be logged in to reply to this topic.
Skip to toolbar