Rodgin Cohen and Thomas Baxter Interviewed in IMF Video on Law and Financial Stability

October 27, 2016

On October 27, the International Monetary Fund released a video featuring Rodgin Cohen and Thomas Baxter titled “Law and Financial Stability.” The video was comprised of a series of interviews with top legal and economic experts that were made during the seminar on Law and Financial Stability, held by the Legal Department of the IMF from May 16 to May 18. In the video, a variety of experts explained how the rule of law is a tool used to stabilize the global financial system. “Without [the rule of law], you have just chaos,” Rodgin said. “The law, it's a living, breathing creature. Just as financial techniques evolve, so the law must evolve, and it must keep up with what is going on in the world.”

Thomas, who participated in the interview while in his former role as General Counsel and Executive Vice President of the Federal Reserve Bank of New York, said in a segment on globalizing the law that it is important “to make sure that the tools that are designed principally on a domestic level can also be made to work in a global environment on a cross-border basis.” Thomas also appeared in a segment on how the law can be used to establish trust in the financial system, saying, “We're much better off because of some of the changes that have been made to the legal infrastructure, changes that have enabled us to better deal with companies that we'd have formerly thought to have been too big to fail.”