To play the devil's advocate (a good Roman Catholic tradition) I think that all the discussion so far has only served to say why there should be no election and that the normal tradition of this site should be followed with regard to the character and player of the President. Should I remind people that the President is not only the president of the game Federation Space but in the game is also the President of the United Federation of Planets.
The owner of this game, Federation Space should create and play the UFP President. He/she is the only one who can and should.
To be asked to put the time into creating a character, and play that character good enough to go through an election campaign, and eventually be elected as President only to have that character become the president and controlled by another player or by what the admins want, is pointless. Creative control that we as players have over the characters we create, to have it taken away, to create a character good enough to win the election and have no further creative control, but to be a mere puppet or give up creative control to another play, to me, is a pointless exercise, except for the creative opportunity it creates, which is taken away at the end. The character who wins the election will not be played in the same creative style as the character's creator, simply because it is someone else who now has creative control.
Federation Space is and has never been a democratically run game. Nor should it be. So why have a small subplot game of pretend democracy?
In fact, I'm not sure we need a President in the current configuration of the game with the center being Pioneer Outpost and the leader of the Federation so far away.
Perhaps what needs to consider is that the owner of the game creates a character to be the Political representative of the UFP or the Governor appointed by the UPF for this region of space on the very outer limits of Federation Space, to look after the interest of the Federation. Surely such a position would not be given to the military, considering we are not at war.
A Governor General perhaps? And there could be other characters opened up, other political representatives from the member states and ambassadors from the other emperors of the Alpha and Beta Quadrant?
I think that the ideas expressed above are noble and lend to the creative nature of the game. It is notable for the resemblance of democracy it tries to promote for a game that has never been democratic and should not be democratic. I think the sentiment is good, to give some players the opportunity to create and play in-character in the great debate of ideas call politics, but it loses some potency when creative control is then taken away and given to another.
I think, with the greatest respect for the ideas expressed in the posts above this, that the owner of this game, as it has been in the past, has the right and privilege to create the character, the political in-game leader and figurehead of the Federation's expansion into the outlying Pioneer Outpost and should do so.