George Mudie, a Labour member of the committee, told Sir Mervyn he was "throwing your toys out the pram any time anyone tries to interfere in your empire".
George Osborne, the Chancellor, is expected to publish the Financial Services Bill at the end of the month, which will contain new rules to govern the Bank's operations.
Andrew Tyrie, chairman of the TSC, said the committee would send a brief report to the Chancellor before the Bill is published giving its views on the Bank's proposals.
During the hearing Sir Mervyn also repeated his attack on bankers' bonuses, saying reforms to the financial system would bring an end to big payouts.
"I think the reputation of those institutions will be affected if their senior executives reward themselves, particularly in a period when the banks, in terms of their share prices, have hardly been stellar," Sir Mervyn said.
"It's the duty of shareholders to rein in rewards at the banks and the job of regulators to make sure the corporate governance structure is right."
Speaking at the same hearing, Robert Jenkins, a member of the Bank's Financial Policy Committee, said that "every £1bn of bonus payments forgone would allow banks to lend an additional £20bn".
The FPC will gain its formal powers when the Financial Services Bill is passed.
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