He Ran Bridgewater Associates, Now He's Running For Senate In Pennsylvania (Again)

David McCormick, the former CEO of Bridgewater Associates, is expected to officially declare his candidacy for a Senate seat in Pennsylvania on Thursday, facing off against three-time incumbent Democratic Sen. Bob Casey Jr.

An official announcement would mark McCormick's second attempt to secure the seat, after losing in the Republican primary last year.

McCormick, 58, is a U.S. Army veteran and former Treasury Department official, with his upcoming race anticipated to be one of the most closely observed nationwide, the AP reported on Wednesday.

Pennsylvania is known for political competitiveness, leaning Democratic in recent years, with Republicans experiencing several losses in 2022, including Donald Trump-backed candidates.

The political significance of Pennsylvania is evident, as it could play a pivotal role in determining which party controls Congress in 2024. Democrats, who are defending a narrow Senate majority, are confronted with challenging races in multiple states, making McCormick's run all the more crucial for Republicans.

The current political climate as reported by The Cook Political Report, which Reuters cited, classified McCormick's race as leaning Democratic. Senate Republicans are rallying behind McCormick, considered a moderate, stable choice with an appeal to suburban voters, after losing seats to candidates with fringe views in 2022.

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Pennsylvania's political landscape has been mixed, having a senator from each party for over a decade until Republican Patrick Toomey's retirement in January. The vacancy left by Toomey was filled by Democrat John Fetterman.

The upcoming race is expected to be amongst the nation’s most expensive, the AP said, with both candidates sharing the ticket in a state crucial for Democratic control of the Senate and the White House. McCormick, heavily recruited by the party establishment, has been regarded by Democrats as Sen. Casey's de facto opponent.

Casey, a strong ally of labor unions and President Joe Biden, has a considerable political lineage in Pennsylvania and firmly supported all of Biden's top legislative priorities in Congress. Casey's political standing and close relationship with the president may pose challenges for McCormick, the AP noted.

McCormick, born near Bloomsburg, is the son of Pennsylvania's first state university system chancellor. His background includes earning a Bronze Star for his service in the Gulf War and founding the online auction house FreeMarkets Inc. during the tech boom.

Before joining Bridgewater Associates in Connecticut, McCormick served in high-ranking positions in former President George W. Bush's administration.

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Photo: Photo by U.S. Army Sgt. James K. McCann, U.S. Government