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Thomas C. Baxter, executive vice president and general counsel, of the Federal Reserve Bank of New York, testifies at a House Oversight and Government Reform Committee hearing on the 2008 government bailout of insurer American International Group Inc. in Washington, D.C., on Jan. 27, 2010.Thomas Baxter Jr., executive vice president and general counsel of the Federal Reserve Bank of New York, testifies at a House Oversight and Government Reform Committee hearing in Washington, D.C., on Jan. 27, 2010, about the government bailout of insurer American International Group Inc. (Joshua Roberts/Bloomberg)

Thomas Baxter Jr. is joining Sullivan & Cromwell after serving for two decades as general counsel of the powerful Federal Reserve Bank of New York.

Baxter retired from the New York Fed in June. He has been replaced by former deputy general counsel Michael Held, who joined the bank 18 years ago.

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