Mohamed A. El-Erian, CEO and co-chief investment officer of Pimco, says that Ben Bernanke's reappointment for a second term as chairman of the Federal Reserve deserves broad support. In his first term, Mr. Bernanke was forced to focus on crisis management. His second term, Mr. El-Erian says, will center around four major tasks. Exiting the unprecedented emergency efforts will be first on Mr. Bernanke's agenda. He must also defend the Fed's institutional integrity, revamp its operational focus and play a key role in improving crisis prevention.

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