David Harold McCormick (born August 17, 1965) is an American business executive. He is the Co-CEO and a member of the Management Committee at Bridgewater Associates, a global macro investment firm with over $160 billion in assets under management. He was formerly Under Secretary of the Treasury for International Affairs.
|Under Secretary of the Treasury for International Affairs|
August 2007 – January 20, 2009
|President||George W. Bush|
|Preceded by||Timothy D. Adams|
|Succeeded by||Lael Brainard|
David Harold McCormick
August 17, 1965
Washington, D.C.. U.S.
Dina Powell (m. 2019)
|Education||United States Military|
Princeton University (MA, PhD)
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 as well as their deputies. He served as Secretary 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.
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. Later he became the Deputy National Security Advisor for International Economic Policy and was George W. Bush's personal representative and negotiator to the G-8 industrialized countries before moving to the Treasury Department in 2007. In 2013, McCormick was one of 131 Republican Party members to sign an amicus curiae brief submitted to the Supreme Court "in support of the freedom to marry".
In 1999, McCormick joined FreeMarkets, a global provider of software and services. Later that same year the company conducted an initial public offering. 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 and then remained at Ariba as president for the next 18 months before he was asked to join the Bush administration.
McCormick joined Bridgewater Associates in 2009. He serves as Co-CEO where he is responsible for overseeing the management of the firm, as well as advising some of the largest investors in the world including pension funds, sovereign wealth funds, endowments, and central banks on their investments and the global economy, with a particular focus on the intersection of policy and markets.
Education and military serviceEdit
McCormick graduated from West Point in 1987 with a Bachelor of Science degree 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.
After leaving West Point, McCormick went to United States Army Airborne School and Ranger School, where he was named the Honor Graduate of Ranger School. He joined the 82nd Airborne Division at Fort Bragg, North Carolina, in 1988. McCormick was part of the first wave of U.S. troops sent into Iraq during the first Gulf War in 1991. He was Executive Officer of a combat engineering company of 130 soldiers tasked with clearing minefields and destroying enemy munitions.
In 1996, he earned a Ph.D. from Princeton University. 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.
McCormick is a Trustee of the Aspen Institute and Carnegie Mellon University, and he is the Chairman of the International Advisory Board of the Atlantic Council. He is a member of the Trilateral Commission, the Council on Foreign Relations, the Aspen Strategy Group, and the Defense Policy Board. He has four children and lives in Connecticut.
- Williamson, Christine (2017-03-01). "Ray Dalio to step down from co-CEO role as part of shakeup at Bridgewater". Pensions & Investments. Retrieved 2018-03-04.
- Rice, Daniel E.; Vigna, John. West Point Leadership: Profiles of Courage. Daniel E. Rice. pp. 413–532. ISBN 0989147304. Retrieved 11 August 2014.
- "Bridgewater: Our Company". Bridgewater. Retrieved 11 August 2014.
- "How Ray Dalio Built the World's Biggest Hedge Fund". Fortune. Retrieved 2018-03-04.
- Presidential Nomination: David Harold McCormick
- "David H. McCormick, Under Secretary for International Affairs, Department of the Treasury". US Department of State. Retrieved 11 August 2014.
- Lowenstein, Roger. "Mr. Goldman Goes to Washington". The New York Times. Retrieved 11 August 2014.
- Ward, John (December 16, 2008). "Treasury's prized persuader". Washington Times. Retrieved 11 August 2014.
- "David McCormick -- Department of Commerce". White House Archives. Retrieved 11 August 2014.
- Avalon, John (Feb 28, 2013) The Pro-Freedom Republicans Are Coming: 131 Sign Gay-Marriage Brief The Daily Beast, accessed Feb 6, 2013
- Ewing, Terzah. "FreeMarkets' IPO Marks Another Explosive Debut". The Wall Street Journal. Retrieved 11 August 2014.
- Kawamoto, Dawn (January 23, 2004). "Ariba to buy FreeMarkets for $493 million". ZDNET. Retrieved 11 August 2014.
- "Former Undersecretary for International Affairs Joins Carnegie Mellon's Heinz College in D.C." Carnegie Mellon University. 2009-04-07.
- Williamson, Christine (2017-03-01). "Ray Dalio to step down from co-CEO role as part of shakeup at Bridgewater". Pensions & Investments. Retrieved 2018-02-08.
- "Executive Profile: David Harold McCormick Ph.D." Bloomberg. Retrieved 12 December 2016.
- McCormick, David H. The Downsized Warrior: America's Army in Transition. NYU Press. p. 278. ISBN 0814755844. Retrieved 11 August 2014.
- Board of Trustees Carnegie Mellon University, retrieved Jan 24 2012
- New Trustees Elected to Aspen Institute Board The Aspen institute, retrieved Jan 24 2012
- Horne, Travis. "Atlantic Council taps David McCormick, former Treasury and White House official and Bridgewater co-CEO, as Chairman of its International Advisory Board". Atlantic Council. Retrieved 2018-02-08.
-  Trilateral Commission, retrieved November 30, 2015
-  Council on Foreign Relations, retrieved Sep 16, 2014
-  Aspen Institute, retrieved Sep 16, 2014
- "DoD Announces New Defense Policy Board Members". U.S. DEPARTMENT OF DEFENSE. Retrieved 2018-02-08.
- Shropshire, Corilyn (October 12, 2005) Feeling His Way Around Washington, Pittsburgh Post-Gazette
Timothy D. Adams
| Under Secretary of the Treasury for International Affairs