United States Federal Reserve Chair Jerome Powell spoke on Tuesday with the Senate Banking Committee, where he was probed about various questions related to the country's economy and inflation, the Fed's monetary policy path, and other pertinent issues.

When asked by a senator what he would do if US President Donald Trump tried to remove a Fed member from the Federal Open Market Committee (FOMC), Powell underlined that such an action is "clearly not allowed under the law."

The Fed head has repeatedly said that he would not step down if Trump asked him to do so before his term ends, adding that he wasn't concerned about the central bank retaining its independence even with Trump in office.