The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
Thomas C. Baxter, Jr., has been general counsel and executive vice president of the legal group at the Federal Reserve Bank of New York since March 1995. He also serves as deputy general counsel of the Federal Open Market Committee. His principal responsibility is to supervise the day-to-day operation of the New York Fed’s legal group, which includes the protection function, the corporate secretary’s office, the compliance and ethics function, and the banking applications function. He also serves on the Bank’s Management Committee.
Mr. Baxter joined the Bank as an attorney in August of 1980, following a one-year appointment as a law assistant to the justices of the Appellate Division of the New York Supreme Court. He became an officer of the New York Fed in July 1984, when he was promoted to assistant counsel.
In addition to Mr. Baxter’s involvement with New York Fed and Federal Reserve System committees, he is very active in the legal community as a member of the American Bar Association and the International Law Association. Mr. Baxter has received several awards for his work in the legal community. He was named one of the American Lawyer’s “Deal Makers of the Year” in 2009. In 2009, he also received an award from the Lawyers Alliance for his work in starting the Lawyers Foreclosure Intervention Network. And, in 2005, he received an award from the Association of Corporate Counsel for an innovative educational program about legal ethics.
Mr. Baxter earned his law degree from the Georgetown University Law Center in 1979 after receiving a bachelor’s degree from the University of Rochester in 1976. He is a member of the New York bar.
Mr. Baxter has published articles concerning legal aspects of bank supervision, check collection, securities transfers, electronic transfers of funds, and the financial services industry. He also is a joint author and author of several publications. Among them, “Emerging Developments in the Payment System for The Global Economy” (UCC Law Journal, 2000); “Crisis Avoidance, Containment and Control: A Report From the Financial Services Front” (The Banking Law Journal, 2000); “Dollarization and Its Impact on U.S. Law (The Int’l Lawyer, 2001) and “The Financial Institution Lawyer, Four Flavors of Failure” (ABA, Business Law Today, Mar./Apr. 2007).
He often lectures at programs sponsored by the Uniform Commercial Code Institute, the Department of Justice’s Advocacy Institute, the American Bar Association, the American Law Institute, the Bank Administration Institute, the Practising Law Institute, the Federal Financial Institutions Examination Council and similar organizations.