Richard T. McCormack
Richard T. McCormack | |
|---|---|
| Born | March 6, 1941 Bradford, Pennsylvania, U.S. |
| Occupation(s) | Diplomat, government official |
| Known for | Assistant Secretary of State for Economic and Business Affairs; U.S. Ambassador to the Organization of American States; Under Secretary of State for Economic Growth, Energy, and the Environment |
Richard T. McCormack is a seasoned American diplomat and government official with close to fifty years of experience advising leaders on international relations and global economic trends. He is presently a senior advisor at the CSIS located in Washington, D.C.
Career
Following the completion of his PhD, McCormack began his career with the House Republican Conference, managing special projects and coordinating interns before transitioning to the Peace Corps staff, where he oversaw an initiative to construct 1,000 schools in developing nations. In 1967, he played a role in Arlen Specter’s mayoral campaign by formulating strategies aimed at enhancing race relations in Philadelphia.
Subsequently, he led operations research for Philco-Ford in Southeast Asia from Saigon, Vietnam. McCormack later contributed to foreign policy efforts during the Nixon presidential campaign and served on the White House senior staff for the President’s Advisory Council on Executive Organization, concentrating on international economic policies. He also supported Governor William Scranton on the President’s Commission on Campus Unrest, which addressed campus violence related to the Vietnam War. After Nixon’s resignation, McCormack took a position at the United States Department of the Treasury as Deputy to the Assistant Secretary for International Affairs, advising Ambassador Harald B. Malmgren on a significant commodity policy project.
Beginning in 1975, McCormack acted as a consultant for the American Enterprise Institute (AEI), generating speeches and papers focused on foreign affairs and economic issues. Between 1979 and 1981, he served as a foreign policy advisor to U.S. Senator Jesse Helms.
With Ronald Reagan’s 1981 election victory, McCormack was appointed Assistant Secretary of State for Economic and Business Affairs, receiving unanimous Senate confirmation. In 1985, he was named U.S. Ambassador to the Organization of American States (OAS). During this period, he authored "Obstacles to Investment and Economic Growth in Latin America," which introduced a coordinated macroeconomic, trade, and investment policy framework that later became known as the Washington Consensus. His work at OAS earned him the State Department’s Superior Honor Award.
In 1989, President George H. W. Bush selected McCormack as Under Secretary of State for Economic Growth, Energy, and the Environment. In this capacity, he acted as Sherpa for U.S. involvement in two G7 summits and co-led the Structural Impediments Initiative aimed at resolving trade disparities between the U.S. and Japan. His distinguished service was recognized with the State Department’s highest accolade, the Secretary’s Distinguished Service Award, presented by Secretary James A. Baker III, along with France’s prestigious Legion of Honour.
After ten years at the State Department, McCormack joined the Woodrow Wilson Center as a visiting scholar, producing analyses on Japan’s financial turmoil and economic reforms in Israel. He subsequently provided consultancy services to American corporations and IMF Managing Director Horst Koehler.
In 2004, McCormack returned to CSIS as a senior economic advisor, publishing studies on emerging housing market bubbles, risks associated with derivatives, and monetary policy challenges. Following his 2006 testimony before the Senate Banking Committee concerning derivatives regulation, he was recruited by Merrill Lynch as Vice Chairman. After Merrill Lynch merged with Bank of America, he advanced to Executive Vice Chairman at Bank of America, where he advised the CEO and briefed international clients on macroeconomic developments while regularly updating the bank’s risk committee.
McCormack departed from Bank of America in 2012 to resume research activities at CSIS focusing on global financial issues.
He actively participates in organizations such as the Council on Foreign Relations, Economic Club of New York, The Union League Club of New York, and the Council of American Ambassadors. Among his works is A Conversation with Ambassador Richard T. McCormack, which highlights his extensive experience spanning public service and private sector roles.
Early life and education
Richard T. McCormack was born on March 6, 1941, in Bradford, Pennsylvania. Following his secondary education, he obtained a B.A. degree from Georgetown University and subsequently earned his PhD with magna cum laude honors from the University of Fribourg in Switzerland in 1966.