Former Bridgewater CEO David McCormick Is Reportedly Eyeing Another Run For The Pennsylvania Senate

Topline

David McCormick, the former CEO of the hedge fund Bridgewater Associates, plans to publish a book in March that lays out a “conservative agenda” for the country—the latest sign McCormick is weighing another run for the Pennsylvania Senate in 2024 after stepping down from his position at Bridgewater to run in this year’s primary.

Key Facts

McCormick’s forthcoming Superpower in Peril: A Battle Plan to Renew America “outlines a conservative agenda for American renewal that would expand access to the American dream,” according to a summary of the book on its Amazon presale page.

McCormick, who lost to Mehmet Oz in the Republican primary for a Senate seat in Pennsylvania, is giving a second candidacy “the due thought it deserves,” Sam DeMarco, chairman of the Republican Committee of Allegheny County, told Bloomberg.

But he hasn’t ruled out returning to the corporate world and is also eyeing a possible Cabinet seat if a Republican is elected president in 2024, Axios reported.

Republicans are urging McCormick to run against Sen. Bob Casey (D) in hopes of regaining a Senate seat in Pennsylvania after Lt. Gov. John Fetterman (D) beat Oz in November to flip the seat held by retiring Sen. Pat Toomey (R), Bloomberg reported.

In another sign that he is waging a return to the national spotlight, McCormick will reportedly attend the annual Pennsylvania Society gathering at the Waldorf Astoria in New York on Friday.

Key Background

McCormick stepped down in January after five years as CEO of Bridgewater Associates, citing his desire to focus on the Pennsylvania Senate race. McCormick, 57, has waded into the political sphere previously—before joining Bridgewater, he served in the Bush ministration as deputy national security advisor for international economic affairs. He lost the GOP primary to Oz, who was endorsed by former President Donald Trump, by 951 votes in May.

Tangent

McCormick will lay out a strategy for how the U.S. can “confront China” and “ensure U.S. technological supremacy,” in his new book, according to the online description. McCormick faced attack ads from a PAC backing Oz during the campaign over Bridgewater’s ties to China. The company, which is the world’s largest hedge fund, has managed Chinese state money for nearly 30 years and its founder, Ray Dalio, has made concerted efforts to make inroads with Beijing, according to Bloomberg. McCormick reportedly did not share Dalio’s interest in China and told associates he repeatedly expressed his reservations.

Further Reading

David McCormick — Ex-CEO Of World’s Largest Hedge Fund —Enters Pennsylvania’s U.S. Senate Race (Forbes)

Hedge Fund Giant Bridgewater Replaces CEO McCormick Who Plans Senate Run (Forbes)

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