How, by the way

To fix the Fed, we need true monetary rules

Make them double swear, triple dare? They are the accountant for the rule maker, if you have not noticed. The rule maker is their majority banking client.

The rule for central banking is Due Process access, which defined in four words: fair market congestion pricing. This rule works fine, it is the rule makers having the problem.

The rule maker lacks incentive to stay off the Fed credit card, we have to give the rule maker that incentive. Our necessity is make the trade, negotiate the central bank subsidies in advance with a time limited contract. 

Then the Fed is more free to execute its simple rule.  The Fed is bound to its rule because it acknowledges a monopoly with a quarter point monopoly fee. And that contract comes with the Due Process rule enforced by the Supremes on three different basis, Power to coin, Power to tax, sanctity of government debt. All of those satisfied, and the Fed is trapped into Due Process banking. The Fed is free from the inflation tax, it is a real power under Power to Coin, left to Treasury, and limited by renewable contract with the non-profit New Fed.

This is the sandbox solution and I bet our two Nobels would agree with me. A further simplicity happens when we play an illusion gamer and couple this contract to a fairly negotiated revenue sharing between states and districts. The two together place the proper trading pits where counter parties find and maintain a Nash equilibrium between ex post and ex ante.