David McCormick

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David McCormick
David H. McCormick.jpg
Under Secretary of the Treasury for International Affairs
In office
August 2007 – January 20, 2009
President George W. Bush
Preceded by Timothy D. Adams
Succeeded by Lael Brainard
Personal details
Born 1965 (age 51–52)
Political party Republican
Alma mater United States Military
Academy
(BS)
Princeton University (MA, PhD)

David Harold 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 firm with over $170 billion in assets under management.[2][3] He was formerly Under Secretary of the Treasury for International Affairs.[1][4]

Career[edit]

Prior to joining Bridgewater, McCormick spent more than 20 years in the military, government and business.

Public 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.[5] 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.[6] McCormick was credited with using his relationships with top executives and policy makers around the world to help coordinate the Treasury Department’s response.[7]

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.[8] 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.[5] 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".[9]

Business career[edit]

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

In 1999, McCormick joined FreeMarkets, a global provider of software and services. Later that same year the company conducted an initial public offering.[10] 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][11] and then remained at Ariba as president for the next 18 months before he was asked to join the Bush administration.

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.[12]

McCormick joined Bridgewater Associates in 2009.[1] He serves as 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]

Education and military service[edit]

McCormick graduated from West Point in 1987 with a Bachelor of Science degree[13] 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.[1]

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.[7] 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.[1][14]

Personal life[edit]

McCormick is a Trustee of the Aspen Institute and Carnegie Mellon University.[15][16] He is a member of the Trilateral Commission,[17] the Council on Foreign Relations [18] and the Aspen Strategy Group.[19] He has four children and lives in Connecticut.[20]

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" (PDF). Bridgewater. Retrieved 11 August 2014. 
  3. ^ Williamson, Christine (June 1, 2015). "Bridgewater strategy pulls in $10 billion in months". Pensions & Investments. New York: Crain Communications Inc. Retrieved November 30, 2015. 
  4. ^ Presidential Nomination: David Harold McCormick
  5. ^ a b "David H. McCormick, Under Secretary for International Affairs, Department of the Treasury". US Department of State. Retrieved 11 August 2014. 
  6. ^ Lowenstein, Roger. "Mr. Goldman Goes to Washington". The New York Times. Retrieved 11 August 2014. 
  7. ^ a b Ward, John (December 16, 2008). "Treasury's prized persuader". Washington Times. Retrieved 11 August 2014. 
  8. ^ "David McCormick -- Department of Commerce". White House Archives. Retrieved 11 August 2014. 
  9. ^ Avalon, John (Feb 28, 2013) The Pro-Freedom Republicans Are Coming: 131 Sign Gay-Marriage Brief The Daily Beast, accessed Feb 6, 2013
  10. ^ Ewing, Terzah. "FreeMarkets' IPO Marks Another Explosive Debut". The Wall Street Journal. Retrieved 11 August 2014. 
  11. ^ Kawamoto, Dawn (January 23, 2004). "Ariba to buy FreeMarkets for $493 million". ZDNET. Retrieved 11 August 2014. 
  12. ^ "Former Undersecretary for International Affairs Joins Carnegie Mellon's Heinz College in D.C.". Carnegie Mellon University. 2009-04-07. 
  13. ^ "Executive Profile: David Harold McCormick Ph.D.". Bloomberg. Retrieved 12 December 2016. 
  14. ^ McCormick, David H. The Downsized Warrior: America's Army in Transition. NYU Press. p. 278. ISBN 0814755844. Retrieved 11 August 2014. 
  15. ^ Board of Trustees Carnegie Mellon University, retrieved Jan 24 2012
  16. ^ New Trustees Elected to Aspen Institute Board The Aspen institute, retrieved Jan 24 2012
  17. ^ [1] Trilateral Commission, retrieved November 30, 2015
  18. ^ [2] Council on Foreign Relations, retrieved Sep 16, 2014
  19. ^ [3] Aspen Institute, retrieved Sep 16, 2014
  20. ^ Shropshire, Corilyn (October 12, 2005) Feeling His Way Around Washington, Pittsburgh Post-Gazette
Political offices
Preceded by
Timothy D. Adams
Under Secretary of the Treasury for International Affairs
2007–2009
Succeeded by
Lael Brainard