David McCormick
Bridgewater CEO David McCormick.Jared Siskin/Patrick McMullan via Getty Images
  • Bridgewater Associates CEO David McCormick is preparing to run for the US Senate, the Philadelphia Inquirer reported.
  • The GOP is aiming to win the Pennsylvania senate seat, with the Democrats bracing to lose a thin majority next year. 
  • An ad featuring McCormick talking about Christmas is already running. 
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Bridgewater Associates Chief Executive David McCormick reportedly plans to run for a US Senate seat representing Pennsylvania in a 2022 race that could determine which party controls the chamber. 

The 56-year-old Republican and Gulf War veteran planned to file paperwork with the IRS creating the "Friends of Dave McCormick Exploratory Committee," according to a Philadelphia Inquirer report Monday citing his advisers.

An ad featuring McCormick talking about Christmas reportedly began airing Tuesday on television in Pennsylvania. In the ad supported by the committee, he doesn't mention a Senate run. 

McCormick oversees Bridgewater, which manages more than $150 billion in assets a year. He has spent weeks discussing a potential run with GOP donors and leaders and may formally step into the Senate race next year, but no final decision has been made, the report said. 

The Democratic Party has a thin majority in the US Senate, and party leaders are girding against the prospect of losing seats during the 2022 midterm elections. One high-profile contender for the Pennsylvania seat is Mehmet Oz, the physician on TV known as "Dr. Oz," who launched his bid as a Republican candidate this week.

The Senate seat is expected to be especially competitive as the incumbent isn't running for re-election. Republicn Pat Toomey is retiring from the Senate. Several Democrats also have their sights on the open seat, including Lt. Gov. John Fetterman and US Representative Conor Lamb.

McCormick has not run for public office before. The Philadelphia Inquirer noted that his foes have already pointed out potential vulnerabilities, including job cuts he oversaw in the Pittsburgh region and Bridgewater's massive investments in China. The two issues could be a turnoff to GOP voters who backed President Donald Trump's "America First" message. 

But McCormick's allies say he can point to hawkish positions he's taken on China, the report said. Bloomberg reported earlier this month that McCormick made clear he disagrees with Bridgewater founder Ray Dalio's defenses of China.

Read the original article on Business Insider