I'd prefer a money supply pegged to population change + 1/100th of 1% by constitutional amendment. Some economists and Federal Reserve supporters will argue that such a thing ties the hands of those "managing the economy". I would argue that limiting the power of those who proclaim to understand how to manage an economy of the size and scale of any modern industrialized nation can only result in improvement. If the stagflation of the 70s and 80s, the boom of the mid to late 90s, the bust at the tail end of the 90s, the boom of the 2000s (sparked in large part by a shift of investor capital into the housing securities markets combined with absurdly low interest rates), and the worst bust since the Great Depression haven't convinced you that perhaps no human being on Earth can actually do the job the Fed is supposed to do (we've had a couple of the world's best prospects during those periods), then just look back to the Great Depression and the boom/bust/boom cycle that preceded it.
Better yet, look at the US Dollar's value obliteration. That 6-figure salary we're talking about? About the same buying power as $4,000 when the Federal Reserve was founded. So yes, take that power away, abandon this absurd idea that human beings are capable of "managing" a modern industrialized country's economy, and stabilize the value of the currency so that the salary I have today buys the same stuff tomorrow and will actually buy more when I get a "raise".