President Trump’s arrival home from a successful G20 summit in Asia strikes us as a perfect time to turn to the Federal Reserve. He has two openings to fill on our central bank’s seven-person board of governors. Given the inherently political nature of fiat currencies such as the dollar, it strikes us that filling these two vacancies is not something for any president to leave to an election year. Particularly not this president.

It was Mr. Trump, after all, who made currency manipulation by Communist China an issue in his campaign for the White House. And who had the brass to campaign directly against the Fed for running in the midst of an election a monetary policy calculated to help his opponent. It drove Secretary Clinton crazy. Our own estimate is that Mr. Trump’s savvy on this head is one of the reasons he won the election in the first place.

It is also why we have been endorsing economist Judy Shelton for one of the open seats on the Fed. We’re not the only one. On Sunday, she was backed on Forbes.com by the editor of RealClearMarkets, John Tamny. Ms. Shelton has also been endorsed by the Wall Street Journal, which in recent years has run on its op-ed page a brilliant series of op-ed pieces in which Ms. Shelton has sketched the case for monetary reform.

In them, Ms. Shelton has emerged as one of the few economists to fill in the connection between, on the one hand, the President’s tariff strategy and his warnings about currency manipulation and, on the other hand, the goal of monetary reform. Her focus has been on how the Fed can unleash growth without committing the kinds of sins for which Mr. Trump himself criticized the Fed during the campaign.

One thing Ms. Shelton wants is for the Fed to phase out paying interest on excess reserves, a practice that allows banks to profit by parking money at the Fed, rather than lending to individuals and businesses. “What began as an emergency decision in the wake of the financial crisis to pay interest to commercial banks on excess reserves has become the Fed’s main mechanism for conducting monetary policy,” Ms. Shelton wrote in the Journal in April.

“Rewarding banks for holding excess reserves in sterile depository accounts at the Fed rather than making loans to the public does not help create business or spur job creation,” Ms. Shelton argued. Her point strikes us as logical central bank policy, while also having the capacity to align with the goals of Mr. Trump’s original campaign and set the stage for a rosier future as we head into the 2020 campaign.

Ms. Shelton has sought assiduously to illuminate common ground between right and left. She draws attention to the economy under the Bretton Woods system established at the end of World War II. She cites a paper of the Bank of England. Also one of President Obama’s own reports to Congress, which spoke of Bretton Woods as an “Age of Shared Growth.” President Trump won office by marking that great sections of our country had not shared in that bounty.

“What if post-1973 productivity growth had continued at its pace from the previous 25 years?” Ms. Shelton asked in the Journal. She quotes Mr. Obama’s own report as positing that “incomes would have been 58% higher in 2013” and “the median household would have had an additional $30,000 in income.” That backs up what Mr. Trump was saying when he swung his 2016 campaign into the Blue Wall states that the Democrats had taken for granted.

It’s not our intention here to suggest that one Fed governor can reform the monetary system. That battle will have to be won in the Congress. It is our intention to suggest that Mr. Trump has an opportunity to bring onto the Fed board nominees who will help move things in the right direction, just as his campaign platform suggested, and that Ms. Shelton is an ideal candidate with whom to get the ball rolling.