Monday, January 17, 2022

Hedge Fund Chief Executive David McCormick Last To Race For Pennsylvania Senate

Hedge fund executive David McCormick is the latest Republican to run in the Pennsylvania US Senate primary and yet another candidate to compete for oxygen in one of the hottest midterm races in the country.

He has confirmed his participation in the race Twitter Thursday.

“From working on my family’s Christmas tree farm to serving our country in the Gulf War, I have never run away from combat. My next mission is to bring our country back and bring the conservative America First leadership to the US Senate, ”he wrote.

McCormick, who filed papers with the FEC yesterday, stepped down as chief executive of Connecticut-based investment firm Bridgewater Associates this month in anticipation of racing.

His allies have compared him ideologically to Glenn Youngkin, the head of a private equity firm who won the Virginia governor’s race last year with a coalition of moderate supporters of Donald Trump.

McCormick joins other wealthy self-funded candidates who have recently lived elsewhere but have reinstated their residency in the state to run for outgoing Republican Pat Toomey. The 56-year-old investment CEO grew up near Wilkes Barre and recently bought a home in the Pittsburgh area.

In a state where Biden won roughly 1%, Democrats and Republicans are vying for a seat that could define control of an evenly divided Senate, with large primaries on both sides. The Pennsylvania Senate race in 2022 is expected to be one of the most competitive in the country.

A veteran who served as a senior Treasury official under President George W. Bush, McCormick is little known outside the financial world, but has strong ties to former President Donald Trump. His wife, Dina Powell, was Trump’s deputy national security adviser, and McCormick was being considered for a job at the Pentagon under Trump. According to Politico, McCormick enlisted Trump’s top aides Hope Hicks and Stephen Miller to advise his campaign.

Although McCormick did not officially announce his candidacy until Thursday, his rivals have been treating him like an adversary for weeks. The Pennsylvania Democratic Party asked federal election commissions to examine the $ 2 million television advertisement he ran in the state before running for office. The Political Action Committee, backing fellow Republican in the race, TV host Mehmet Oz, launched an ad criticizing McCormick’s ties to China, where Bridgewater Associates manages $ 5 billion from its $ 150 billion portfolio.

Other Republicans in the race include conservative commentator Katie Barnett, former Trump ambassador to Denmark Karla Sands and real estate developer Jeff Bartos, all of whom are trying to carve their own niche in the race, from censure of “awakening culture” to Democratic responses to the pandemic.

The favorite struggled to break out onto the field after Trump’s early pick, Sean Parnell, dropped out due to a child custody battle and abuse allegations from his ex-wife, which he denied.

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