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]

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

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

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 who whose jobs have become obsolete. He also opposed U.S. exports which gave advantages to China's military.^[54] In the past^[when?], McCormick supported the Trans-Pacific Partnership.^[54]

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]

Immigration

McCormick has called for increasing skilled immigration to the United States. He also supports building a wall on the US-Mexico border.^[38][55]

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.^[56] During McCormick's tenure as CEO of Bridgewater Associates, the company's policy was to fully pay for gender transition surgery.^{[57][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.^{[57][better source needed]}

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.^[60] McCormick is on the board of both the United Service Organizations (USO)^[61] and the Hospital for Special Surgery (HSS).^[62]