David McCormick

Last updated

Amy Richardson
​
​
(m. 1999;div. 2015)​
Dina Powell
​
(m. 2019)​
David McCormick
David McCormick Under Secretary.jpg
McCormick in 2007
Under Secretary of the Treasury for International Affairs
In office
August 2007 –January 20, 2009
Children4
Parent James H. McCormick (father)
Education United States Military Academy (BS)
Princeton University (MA, PhD)
Military service
AllegianceFlag of the United States (23px).png  United States
Branch/serviceFlag of the United States Army.svg  United States Army
Years of service1987–1992
Rank Captain
Unit 82nd Airborne Division
Battles/wars Persian Gulf War
Awards Bronze Star Medal ribbon.svg Bronze Star

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. [2] [3] He is the husband of former Deputy National Security Advisor for Strategy, Dina Powell. [2] [3]

Contents

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 surgeon 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 David McCormick 180510-D-SW162-2212 (41140841455) (cropped 2).jpg
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

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

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 claim to reside in Pittsburgh, Pennsylvania, but also have a home in Westport, Connecticut, where his children attend high school and he spent most of his time prior to the senate campaigns. [59] McCormick listed this Connecticut address as his home through at least March of 2023. [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]

Trusteeship and philanthropy

In 2009, McCormick was also appointed a faculty member at Carnegie Mellon's Heinz College and named a Distinguished Service Professor of Information Technology, Public Policy and Management. [61] McCormick is on the board of both the United Service Organizations (USO) [62] and the Hospital for Special Surgery (HSS). [63]

Published works

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References

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  58. 1 2 "Pennsylvania Senate candidate David McCormick takes fire for corporate history on transgender activism". Fox News . Retrieved February 25, 2022.
  59. 1 2 3 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.
  60. ↑ Terruso, Julia (August 15, 2023). "Does David McCormick live in Pennsylvania?". www.inquirer.com. Retrieved September 17, 2023.
  61. ↑ "Former Undersecretary for International Affairs Joins Carnegie Mellon's Heinz College in D.C." Carnegie Mellon University. April 7, 2009.
  62. ↑ Support, Ways to; Wishbook. "Board of Governors". United Service Organizations. Retrieved December 15, 2019.
  63. ↑ "Hospital Leadership: Officers, Trustees, Advisers, Councils". Hospital for Special Surgery. Retrieved December 15, 2019.
  64. ↑ McCormick, David H. (February 1998). The Downsized Warrior: America's Army in Transition. NYU Press. p. 278. ISBN   0814755844.
  65. ↑ 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
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