NEW YORK, NY (March 17, 2016) — The Federal Reserve Bank of New York announced that Thomas C. Baxter, Jr., general counsel and executive vice president, has announced his decision to retire from the Bank in September, 2016, after 36 years of service. Mr. Baxter also serves on the Bank’s Management Committee and as deputy general counsel for the Federal Open Market Committee.
Mr. Baxter will step down from his current position in June, after which he will continue to advise the Bank’s president and assist in the Legal Group’s transition until September of this year. The New York Fed will immediately begin the search for Mr. Baxter’s successor.
“Tom’s intellect, work ethic and devotion to the Federal Reserve and its people are among the many qualities that distinguish his long and outstanding service,” said William C. Dudley, president and chief executive officer of the New York Fed. “Tom demonstrated a passion for the law and for the mission of the Fed during his tenure, and has nurtured and educated a generation of central bank lawyers. Tom has had a profound impact on the institution and will be missed. I am deeply grateful for his sound counsel during my time as president and I wish him all the best in the future.”
Since becoming general counsel in 1995, Mr. Baxter has been involved in and influenced a wide range of issues on behalf of the Bank. During the financial crisis, Mr. Baxter was one of the primary legal architects of many of the lending programs that the Federal Reserve designed and implemented to support of the U.S. economy. During and following the September 11th attacks, Mr. Baxter led the Bank’s contributions to the rescue and recovery effort at Ground Zero, for which he was recognized by Police Organization Providing Peer Assistance (POPPA), while working to address problems in financial markets and support the Federal Reserve’s provision of liquidity.
Mr. Baxter has guided the Reserve Bank’s legal team as it developed and recommended enforcement actions to the Board of Governors on a range of matters, including Bank Secrecy Act/Anti-money Laundering and misconduct, often working closely with the Department of Justice, District Attorney’s Office and other financial regulators. He has played a key role in advancing the Bank’s work on reforming the culture of the financial services industry in the wake of the financial crisis, and has spoken publicly on matters relating to the compliance, governance, ethics and accountability of financial institutions. Mr. Baxter is credited as one of the key drafters of Article 4A of the Uniform Commercial Code, the law governing electronic funds transfers. Additionally, in 1998, Mr. Baxter successfully defended the New York Fed in an international arbitration at The Hague against a claim by the Central Bank of Iran for more than $ 1 billion in damages it allegedly sustained during the hostage crisis.
In addition to his work for the Federal Reserve, Mr. Baxter has authored two books and more than 30 scholarly articles. He is a member of the New York Bar and the American Law Institute, vice chairman of the Monetary Law Committee of the International Law Association, and a board member of New York University School of Law’s Program on Enforcement and Compliance. Mr. Baxter holds a bachelor of arts degree from the University of Rochester and a juris doctor degree from Georgetown University Law Center.
About Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of 12 regional Reserve Banks which, together with the Board of Governors in Washington, D.C., the Federal Open Market Committee (FOMC), the Federal Advisory Council, the Consumer Advisory Council, and the member banks, compose the Federal Reserve System. As the U.S. central bank, the Federal Reserve is responsible for formulating and executing monetary policy, supervising and regulating depository institutions, ensuring the smooth flow of payments, and providing banking services to the U.S. government and depository institutions.