David H. McCormick

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David H. McCormick
David H. McCormick.jpg
United States Department of the Treasury Under Secretary for International Affairs
In office
2007–2009
President George W. Bush
Personal details
Spouse(s) one
Children four
Alma mater U.S. Military Academy at West Point Woodrow Wilson School of Public and International Affairs
Profession Business Executive

David H. McCormick is an American business executive. He is the President and a member of the Management Committee at Bridgewater Associates,[1] a global macro investment fund with over $150 billion in assets under management, and the world’s largest hedge fund.[2] He was formerly Undersecretary for International Affairs within the United States Department of the Treasury.[1]

Career[edit]

Bridgewater[edit]

In 2009, McCormick joined Bridgewater Associates.[1] He is President and his role as a Management Committee member includes 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.[1]

Prior to joining Bridgewater, and after a 20-year career in business and government, he was appointed a faculty member at Carnegie Mellon's Heinz College and named a Distinguished Service Professor of Information Technology, Public Policy and Management.[3]

Government service[edit]

McCormick was Under Secretary of the Treasury for International Affairs from 2007 to 2009, serving as the United States' leading international economic diplomat.[4] 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.[1] He served as Secretary Paulson's point person on the international response to the 2008 financial crisis.[5] McCormick was credited with using his relationships with top executives and policy makers around the world to help coordinate the Treasury Department’s response to the crisis.[6]

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.[7] 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.[4] 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." [8]

Business career[edit]

In 1999, McCormick joined FreeMarkets, a global provider of software and services. Later that same year the company conducted an initial public offering.[9] 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 [1][10] and then remained at Ariba as president for the next 18 months before he was asked to join the Bush administration.

From 1996 to 1999, McCormick worked as a consultant at McKinsey & Co. based in Pittsburgh.[1]

Education and military service[edit]

McCormick graduated from West Point in 1987 with a 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 East Coast runner-up and twice earned a trip to the NCAA Division I championships.[1]

After leaving West Point, McCormick went to Airborne and Ranger Schools, 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 Kuwait during the first Gulf War in 1991.[6] 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 the Woodrow Wilson School of Public and International Affairs at Princeton University. In 1998, he published The Downsized Warrior, about the downsizing of the U.S. Army at the end of the Cold War ( a book based on his doctoral thesis).[1][11]

Personal life[edit]

McCormick is a Trustee of the Aspen Institute and Carnegie Mellon University.[12][13] He is a member of the Trilateral Commission,[14] the Council on Foreign Relations [15] and the Aspen Strategy Group.[16] He has four children and lives in Connecticut.[17]

References[edit]

  1. ^ a b c d e f g h i Rice, Daniel E.; Vigna, John. West Point Leadership: Profiles of Courage. Daniel E. Rice. pp. 413–532. ISBN 0989147304. Retrieved 11 August 2014. 
  2. ^ "Bridgewater: Our Company". Bridgewater. Retrieved 11 August 2014. 
  3. ^ "Former Undersecretary for International Affairs Joins Carnegie Mellon’s Heinz College in D.C.". Carnegie Mellon University. 2009-04-07. 
  4. ^ a b "David H. McCormick, Under Secretary for International Affairs, Department of the Treasury". US Department of State. Retrieved 11 August 2014. 
  5. ^ Lowenstein, Roger. "Mr. Goldman Goes to Washington". The New York Times. Retrieved 11 August 2014. 
  6. ^ a b Ward, John (December 16, 2008). "Treasury’s prized persuader". Washington Times. Retrieved 11 August 2014. 
  7. ^ "David McCormick -- Department of Commerce". White House Archives. Retrieved 11 August 2014. 
  8. ^ Avalon, John (Feb 28, 2013) The Pro-Freedom Republicans Are Coming: 131 Sign Gay-Marriage Brief The Daily Beast, accessed Feb 6, 2013
  9. ^ Ewing, Terzah. "FreeMarkets' IPO Marks Another Explosive Debut". The Wall Street Journal. Retrieved 11 August 2014. 
  10. ^ Kawamoto, Dawn (January 23, 2004). "Ariba to buy FreeMarkets for $493 million". ZDNET. Retrieved 11 August 2014. 
  11. ^ McCormick, David H. The Downsized Warrior: America's Army in Transition. NYU Press. p. 278. ISBN 0814755844. Retrieved 11 August 2014. 
  12. ^ Board of Trustees Carnegie Mellon University, retrieved Jan 24 2012
  13. ^ New Trustees Elected to Aspen Institute Board The Aspen institute, retrieved Jan 24 2012
  14. ^ [1] Trilateral Commission, retrieved Sep 16 2014
  15. ^ [2] Council on Foreign Relations, retrieved Sep 16, 2014
  16. ^ [3] Aspen Institute, retrieved Sep 16, 2014
  17. ^ Shropshire, Corilyn (October 12, 2005) Feeling His Way Around Washington, Pittsburgh Post-Gazette