a) I don& #39;t think Mr. Gundlach has had a whole lot of experience dealing with the Fed& #39;s lawyers.

b) The language in 13 (3) is very broad, and Mnuchin has signed off (as is now required) on all the facilities set up under the Fed& #39;s 13 (3) authority.

Jay Powell has taken the view throughout the crisis that "the buck stops with me." He will be held accountable for the Fed& #39;s actions. And I think history will judge that he acted courageously, and acted within the Fed& #39;s statutory authority.