President-elect Donald Trump will have the unique opportunity to appoint up to two members to the Federal Reserve Board of Governors. Doubtless economists will debate the technical qualifications of prospective nominees, but such deliberation will be fruitless without major institutional reforms. To fix perpetual monetary mismanagement, we need a system where strict rules, not the foibles of individual central bankers, are the guardrails of monetary stability.

The problem isn’t finding openings for the “right people.” Democratic-appointed board member Adriana Kugler’s term expires in January 2026. While Chairman Jerome Powell recently said he would not resign, Fed custom would be for him to resign as a board member if Trump decides to appoint a new chairman in 2026, creating an additional vacancy.