This is a superscription that tells about the psalm. Some scholars say that this is part of the scripture and some say that it is not. (See "What are Superscriptions in Psalms" in [Introduction to Psalms](../front/intro.md).)
The words "his name" are a metonym for his reputation. Alternate translation: "the people of Israel consider him good and powerful" (See: [[rc://en/ta/man/jit/figs-metonymy]])