WASHINGTON -- Federal Reserve Board Chairman Alan Greenspan was harshly criticized yesterday by Senate Democrats who complained that the central bank's policy of gradually lowering short-term interest rates has failed to ignite the economy.

Members of the Senate Banking Committee, commenting during Mr. Greenspan's semiannual Humphrey-Hawkins report on monetary policy, accused both the Fed and the Bush administration of a preoccupation with fighting inflation while the economy continues to fester.

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