David McCormick, left, and Dina Powell McCormick arrive for a White House state dinner in 2018. McCormick was boosting trade with China years earlier, when Trump was blasting it.Alex Brandon/Associated PressDavid McCormick, the leading Republican Senate candidate in Pennsylvania, helped open up China to U.S. investment as an official in the George W. Bush administration.Then, as a hedge fund manager, McCormick profited from the lower investment barriers he lobbied for. Advertisement
What’s more, he is now railing against politicians who were too eager to open up trade to China, including through certain kinds of U.S. investments.“To put it bluntly, China poses the greatest threat to our security and our well-being since the end of World War II,” McCormick said while rolling out his China policy agenda in December. “And our nation’s leaders, including career politicians like Pennsylvania’s Senator Bob Casey, have gotten China wrong for more than two decades.”McCormick is taking on three-term Sen. Bob Casey (D-Pa.) in a battle that could help determine control of the Senate in November. A loss for Casey on a Senate map already tilted against Democrats would virtually ensure a Republican takeover of Congress’ upper chamber.But as McCormick accuses Casey of being soft on China, the Republican contender’s record as a top Treasury Department official shows he repeatedly worked to open up investment opportunities in China for American financial firms. His work not only helped meld the two countries’ economies in a way many American politicians have come to regret, but also benefited him personally in his subsequent roles as president and CEO of a massive hedge fund. Advertisement
McCormick’s campaign did not respond to a request for comment on his tenure in the George W. Bush administration and its relationship to his subsequent business dealings.Then-Treasury Secretary Henry Paulson, left, and then-Under Secretary for International Affairs David McCormick attend a G8 financial ministers meeting in Japan in June 2008. Koichi Kamoshida/AFP/Getty Images‘Strengthening Our Economic Relationship With China’As under secretary of the treasury for international affairs from 2007 to 2009, McCormick played a direct role in fostering increased trade between the two nations, especially by advocating for China to open up its markets to greater investment by U.S. financial firms.During his tenure, McCormick was one of the most important U.S. liaisons to Chinese economic and finance off …
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What’s more, he is now railing against politicians who were too eager to open up trade to China, including through certain kinds of U.S. investments.“To put it bluntly, China poses the greatest threat to our security and our well-being since the end of World War II,” McCormick said while rolling out his China policy agenda in December. “And our nation’s leaders, including career politicians like Pennsylvania’s Senator Bob Casey, have gotten China wrong for more than two decades.”McCormick is taking on three-term Sen. Bob Casey (D-Pa.) in a battle that could help determine control of the Senate in November. A loss for Casey on a Senate map already tilted against Democrats would virtually ensure a Republican takeover of Congress’ upper chamber.But as McCormick accuses Casey of being soft on China, the Republican contender’s record as a top Treasury Department official shows he repeatedly worked to open up investment opportunities in China for American financial firms. His work not only helped meld the two countries’ economies in a way many American politicians have come to regret, but also benefited him personally in his subsequent roles as president and CEO of a massive hedge fund. Advertisement
McCormick’s campaign did not respond to a request for comment on his tenure in the George W. Bush administration and its relationship to his subsequent business dealings.Then-Treasury Secretary Henry Paulson, left, and then-Under Secretary for International Affairs David McCormick attend a G8 financial ministers meeting in Japan in June 2008. Koichi Kamoshida/AFP/Getty Images‘Strengthening Our Economic Relationship With China’As under secretary of the treasury for international affairs from 2007 to 2009, McCormick played a direct role in fostering increased trade between the two nations, especially by advocating for China to open up its markets to greater investment by U.S. financial firms.During his tenure, McCormick was one of the most important U.S. liaisons to Chinese economic and finance off …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]