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Fed's Fischer has just submitted his resignation to President Trump saying "I am writing to inform you that for personal reasons it is my intention to resign from the Board of Governors of the Federal Reserve Systemon or around October 13, 2017".

Fischer was appointed to the board by President Obama in 2014 for a term as vice chairman that was set to expire in 2018.

"Fischer is seen as a hawk on monetary policy, relative to the Fed chair, having advocated higher interest rates in response to the strengthening US economy", Financial Times said. He also taught economics at MIT for more than 20 years-former Fed chairman Ben Bernanke was a student.

Trump is expected to nominate a Fed chair in February when Yellen's term expires. "Having a complete board of governors, including members with banking experience, is important as the Fed moves forward with needed regulatory reforms and critical monetary policy decisions".

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The United States is calling for the strongest possible sanctions and wants the 15-member council to hold a vote next week. Vassily Nebenzia said Russian Federation wants a reference to the need for political dialogue based on recent initiatives.

Last month, Yellen spoke at the annual Jackson Hole Symposium, the year's top meeting of central bankers and economists from around the world, and gave an ardent defense of the USA government and the Fed's regulatory response to the financial crisis.

Now Trump will also have to find someone to fill Fischer's spot. "He represented the Board internationally with distinction and led our efforts to foster financial stability", says Chairman Janet Yellen.

Former President Barack Obama nominated Fischer as vice chair of the Federal Reserve System, the USA central bank, in January 2014.

In a statement on Wednesday, Yellen said, "Stan's keen insights, grounded in a lifetime of exemplary scholarship and public service, contributed invaluably to our monetary policy deliberations". "We will miss his wise counsel, good humor, and dry wit".