A Republican Congressman wants to strip the Federal Reserve Bank of New York of one of its key powers, and it could have a big impact on when and how the Fed makes its next rate decision. Next Wednesday in the House Financial Services Committee Monetary Policy and Trade Subcommittee hearing on Federal Reserve reform, it is expected Michigan Republican Bill Huizenga will pitch legislation to kill the 'permanent' status granted to the New York Fed on the Federal Reserve System's Federal Open Market Committee (FOMC).