WASHINGTON -- Federal Reserve Chairman Alan Greenspan on Wednesday defended the central bank's efforts to stir the flagging economy with a series of small, increment interest rate cuts.

In wide-ranging testimony before the House Ways and Means Committee, Mr. Greenspan described a string of 14 interest rate cuts over the past two years as "quite extraordinary."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.