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Bob Casey Responds to New Reporting on McCormick’s Double Dealing on China

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New From HuffPost: Pennsylvania Republican Profited From China Trade Policies He Helped Shape

HuffPost: “Expanding The Presence Of U.S. Banks And Other Investment Firms In China Actually Expedited The Offshoring Of Domestic U.S. Manufacturing Jobs”

PENNSYLVANIA — This week, new reporting from HuffPost exposed David McCormick’s record of reshaping American trade policies with the Chinese government when he was in the Bush administration and then making millions off them as a hedge fund executive — all while his policies decimated American jobs and industry. 

Senator Bob Casey made the following statement in response: 

“We just learned that David McCormick used his position in the Bush administration to rewrite the rules of investment with China and then capitalized on those rules to make millions for himself and his hedge fund. I’ve spent my time in the Senate fighting to create jobs, supporting Pennsylvania workers, and standing up to our economic adversaries in the Chinese government. But David McCormick has spent his career rigging the rules and lining his pockets by investing in and for China. My opponent needs to answer for his actions.”

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HuffPost: Pennsylvania Republican Profited From China Trade Policies He Helped Shape

  • David 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.
  • […] 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. 
  • When the George W. Bush administration ended, McCormick returned to the private sector, becoming president of Bridgewater Associates, a Connecticut-based company that is currently the largest hedge fund in the world.
  • To practice in China, Bridgewater obtained a license from the Chinese government as a “qualified foreign institutional investor” in May 2018. As under secretary of the treasury for international affairs, McCormick had worked specifically to make it easier for investment funds to get that stamp of approval to operate in China, and be able to move capital freely in and out of the country.
  • […] expanding the presence of U.S. banks and other investment firms in China actually expedited the offshoring of domestic U.S. manufacturing jobs.