a) I don't think Mr. Gundlach has had a whole lot of experience dealing with the Fed'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'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's actions. And I think history will judge that he acted courageously, and acted within the Fed's statutory authority.