Federal Reserve Chair Jerome Powell said Wednesday that he would not resign if President Donald Trump asked him to.

Asked by Democratic Rep. Maxine Waters, chair of the House Financial Services Committee, "If you get a call from the president today or tomorrow and he said 'I'm firing you. Pack up and it's time to go.' What would you do?"

"Of course I would not do that," Powell said during his testimony.

"I can't hear you," Waters replied, sparking laughter in the room.

"The answer would be 'no,'" Powell said.

"You think the president doesn't have the authority. Is that why you would not leave?" Waters asked.

"The law clearly gives me a four-year term and I fully intend to serve it," Powell replied.