Stanley Fischer steps down as Fed vice chairman

Stanley Fischer is stepping down as vice chair of the US Federal Reserve

Janet Yellen's No. 2 at the Fed is stepping down

Fischer's resignation from the Federal Reserve Board will be effective on or around October 13, according to a statement from the Fed.

His term as Vice Chairman expires next June. He is married with three adult children.

"He represented the Board internationally with distinction and led our efforts to foster financial stability", she added.

Significantly, barring any further clarification Fischer's resignation might lead markets to believe it implied a lower likelihood of Fed president Janet Yellen being renewed in her post, said Paul Ashworth, chief United States economist at Capital Economics.

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Former President Barack Obama nominated Fischer as vice chair of the Federal Reserve System, the USA central bank, in January 2014. He is a dual citizen of the United States and Israel. Before that, he was vice chairman at Citigroup. (C) for almost three years.

He has also held the job of vice chairman of Citigroup and was deputy director of the International Monetary Fund for almost seven years.

Fischer, who was born in Zambia in 1943, received his undergraduate and master's degrees from the London School of Economics and a Ph.D.in economics from the Massachusetts Institute of Technology, where he would go on to become a professor.

In July, he nominated investor Randal Quarles to fill one of the vacancies.

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Fischer's role as vice chairman meant he had an influential position, assisting and advising Yellen.

The president will now have the opportunity to replace all but two members of the Board of Governors at the Fed during his current term in office.

In addition to the pending vacancies at the top of the Fed, there are now three vacancies on the Fed's Board of Governors, who along with five rotating regional Fed chairs comprise the 12-member FOMC.

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