POLITICO’s Burgess Everett is reporting that former hedge fund CEO David McCormick will formally announce that he is running for the U.S. Senate on Thursday.
McCormick is expected to challenge incumbent Sen. Bob Casey Jr. for the seat. He narrowly lost the 2022 Republican nomination to Mehmet Oz.
Casey, 63, is a stalwart of Pennsylvania’s Democratic politics, the son of a former two-term governor and the longest-ever serving Democrat in the Senate from Pennsylvania. He has won all of his Senate elections by at least nine percentage points, and the last full fundraising quarter was his best ever.
The Democratic Party has treated McCormick as the de facto GOP nominee for months, attacking his record in business, his opposition to abortion rights and indications that he still lives on Connecticut’s ritzy “Gold Coast,” where he spent a dozen years as an executive at the hedge fund Bridgewater Associates.
McCormick insists he lives in Pittsburgh, in a house he bought there in early 2022 and has stressed his hometown roots in Pennsylvania, including a 62-acre farm in Danville, Columbia County that he owns as part of Frosty Valley Farm LLC.