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]
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]
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]
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 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]
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]
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 DemocratJohn Fetterman, according to Politico.[49]
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 has a clear path to the Republican nomination because two minor candidates who filed to run against him were disqualified.[52]
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."[53] 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."[53]
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".[54] 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.[54] In 2009, McCormick and Karan Bhatia co-wrote an opinion piece for Wall Street Journal Asia supporting the Trans-Pacific Partnership.[55]
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..."[54] 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][54]
Immigration
McCormick has called for increasing skilled immigration to the United States. He also supports building a wall on the US-Mexico border.[38][56]
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.[57] During McCormick's tenure as CEO of Bridgewater Associates, the company's policy was to fully pay for gender transition surgery.[58][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.[58][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.[59] 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.[59] The McCormicks have between $24 and $120 million in properties, including a condo in Dallas and a ranch in Colorado.[60]
^ abcWard, Jon (December 16, 2008). "Treasury's prized persuader". United States: The Washington Times. The Washington Times, LLC. Retrieved August 11, 2014.
^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.
^McCormick, David H. (February 1998). The Downsized Warrior: America's Army in Transition. NYU Press. p. 278. ISBN0814755844.
^McCormick, David H. (March 2023). Superpower in Peril: A Battle Plan to Renew America. Center Street (Hachette Book Group). p. 309. ISBN9781546001959.