In the nomination phase, any community member in good standing with more than 300 reputation may nominate themselves to be a community moderator.
300 reputations points seems ridiculously low to me. Shouldn't there be some higher standards ? I think reputation points give some natural authority, which is needed for a moderator to function well. I think 3000 reputations points should be the absolute minimum to nominate as moderator. From 3000 points you get the privilege to: Vote to close, reopen, or migrate any questions. It seems reasonable to me that a users has been playing around with those tools before becoming moderator. One could even argue that you should have at least 10000 points to nominate as moderator.
Besides that, shouldn't there be a requirement for meta participation? I think a moderator should at least know what is going on at the meta.