Yellen is right pick for The Fed

Los Angeles Times: Congress has spent much of the last three years stumbling about like a traveler who’s lost his map, with no coherent strategy for bolstering the weak economy or putting more jobless Americans back to work. Meanwhile, the Federal Reserve has worked indefatigably, creatively and bravely to keep borrowing costs low, which has helped the housing industry regain its footing and encouraged U.S. businesses to expand.

President Obama sought to keep the Fed on track Wednesday, nominating the reserve board’s No. 2, Janet L. Yellen, to be its new chair. It was a historic choice — Yellen would be the first woman to lead the Fed in its 100-year history. She also would provide much-needed continuity at the Fed, retaining its sense of mission and activist bent even as it starts withdrawing the fuel it has been pumping into the economy.

The Fed is expected to slow its bond-buying program before Bernanke leaves office in January, marking the first step in what will surely be a long and contentious process. And with Democrats and Republicans bitterly divided over how to manage the economy, it’s critical that the Fed remain focused on promoting growth while keeping a lid on inflation. That’s why the Senate should confirm Yellen.