(WHTM) - After two campaigns for the U.S. Senate, former hedge fund CEO Dave McCormick was sworn in as Pennsylvania's newest U.S. Senator on Friday, the first day of the 119th Congress.
McCormick (R) defeated incumbent Bob Casey (D), who had won six statewide general elections dating back to 1996, including three terms in the Senate.
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UNITED STATES - JANUARY 3: Sen. David McCormick, R-Pa., raises his right hand during his ceremonial swearing-in with Vice President Kamala Harris inside the Old Senate Chamber in the U.S. Capitol on Friday, January 3, 2025. (Bill Clark/CQ-Roll Call, Inc via Getty Images) ![]()
WASHINGTON, DC - JANUARY 03: U.S. Vice President Kamala Harris participates in a ceremonial swearing-in with Sen. David McCormick (R-PA) (L) as his wife Dina Powell (2nd L) looks on at the U.S. Capitol on January 3, 2025 in Washington, DC. The 119th Congress begins its term on Capitol Hill today. (Photo by Alex Wong/Getty Images) ![]()
WASHINGTON, DC - JANUARY 03: U.S. Vice President Kamala Harris participates in a ceremonial swearing-in with Sen. David McCormick (R-PA) (L) as his wife Dina Powell (2nd L) looks on at the U.S. Capitol on January 3, 2025 in Washington, DC. The 119th Congress begins its term on Capitol Hill today. (Photo by Alex Wong/Getty Images) ![]()
WASHINGTON, DC - JANUARY 03: U.S. Sen. David McCormick (R-PA) (L) introduces his family to Vice President Kamala Harris (R) during a ceremonial swearing-in as his wife Dina Powell (2nd L) looks on at the U.S. Capitol on January 3, 2025 in Washington, DC. The 119th Congress begins its term on Capitol Hill today. (Photo by Alex Wong/Getty Images)
Casey lost to McCormick by about 15,000 votes, which triggered an automatic recount across the state. Casey conceded the election more than two weeks after Election Day.
Prior to entering politics, McCormick served in the Army during the Gulf War and in George W. Bush's administration as Under Secretary of the U.S. Treasury. He served as CEO of Bridgewater Associates, the world's largest hedge fund, and resigned to run for U.S. Senate in 2022.
In a crowded primary McCormick narrowly lost the 2022 nomination to Mehmet Oz, who went on to lose to John Fetterman in the general election.
McCormick had to absorb accusations in both elections that he was a rich carpetbagger from Connecticut’s ritzy Gold Coast trying to buy a Senate seat. McCormick lived there until he ran for Senate in 2022 and, while he bought a house in Pittsburgh, he also maintained a massive home in Connecticut until a daughter graduated high school earlier this year.
McCormick, in turn, stressed his seventh-generation roots in Pennsylvania, talked up his high school days wrestling in towns across northern Pennsylvania — a sport that took him to the U.S. military academy at West Point — and growing up the son of two educators. His father became the first chancellor of Pennsylvania’s state-owned university system — under Casey’s father.
Prior to winning three terms in the Senate Casey served as Pennsylvania's Treasurer and Auditor General.
Casey said he’s going to begin a “new chapter” of his life but didn’t rule out a future run for office.
“You never say never,” Casey told abc27's Dennis Owens in his first post-election interview. “Our state is full of history. When people are in public office, and when they lose, they might even lose multiple times and come back. But I think the most important thing for me in the short run is they have to get a job because I need an income because I don’t have a trust fund.”