David H. McCormick

Bridgewater Associates

McCormick joined Bridgewater Associates in 2009 as its president. He became co-CEO in 2017, and was responsible for overseeing the firm's management and liaising with institutional investors.

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. As head of Bridgewater, McCormick had raised 8 billion yuan ($1.3 billion) for a private fund in China by November 2021. 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. Bridgewater also shorted some iconic Pennsylvania companies, including US Steel and Hershey, under his leadership.

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

Career in 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. In this role, he oversaw export controls and was part of negotiations that led to the India–United States Civil Nuclear Agreement. 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' leading international economic diplomat. 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 and their deputies. He served as Paulson's point person on the international response to the 2008 financial crisis. McCormick was credited with using his relationships with top executives and policy makers around the world to help coordinate the Treasury Department's response.

Consideration for roles in the Trump administration

When Donald Trump became president-elect in 2016, he considered naming McCormick the U.S. Secretary of Treasury, but instead offered him the position of U.S. Deputy Secretary of Defense. McCormick declined this position because he was happy with his role at Bridgewater. In early 2019, the Trump administration considered McCormick for U.S. Secretary of Defense.

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

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." 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." In 2024, McCormick attended a fundraiser co-hosted by J. Ross Stewart, who attended the riot at the Capitol on January 6. As of January 2025, McCormick did not have a public position on President Trump's pardons of those who participated in the insurrection and attack at the Capitol.

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". 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. In 2009, McCormick and Karan Bhatia co-wrote an opinion piece for Wall Street Journal Asia supporting the Trans-Pacific Partnership.

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. In 2016 he said, "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".

McCormick endorsed a plan to restore military funding to Cold War levels, which would increase defense spending by $55 billion with a long-run increase from 3% to 5% of GDP.

McCormick supported Trump's decision to start the 2026 Iran war. He said, "it's very clear that Iran poses a unique threat to America and to America's allies" and that the Trump administration had clear military objectives in the war. On multiple occasions, McCormick voted against Senate resolutions that would have required Trump to get congressional approval for military actions in Iran.

Russian invasion of Ukraine

McCormick believes Russia is the sole aggressor in the Russia-Ukraine conflict. McCormick does not support Ukraine joining NATO.

China

In 2007, McCormick spoke as a member of the George W. Bush administration in Beijing, China, where he said that "When China succeeds, the United States succeeds" and that the U.S. 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". 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.

Immigration

McCormick has called for increasing skilled immigration to the United States. He also supports building a wall on the U.S.–Mexico border.

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. During McCormick's tenure as CEO of Bridgewater Associates, the company's policy was to fully pay for gender transition surgery. During his campaign for Senate, McCormick stated that he opposes federal funding towards gender transition surgeries and transgender girls participating in girls' competitive sports.