Wow, that still seems rather weak and reckless. First they describe what Controlled Digital Lending is - one physical copy == one lend. They cite legal expert

Wow, that still seems rather weak and reckless. First they describe what Controlled Digital Lending is - one physical copy == one lend. They cite legal experts that agree. That's fine, no one's disagreeing there. Then they go on with this: "Additionally, fair use ultimately asks, 'whether the copyright law’s goal of promoting the Progress of Science and useful Arts would be better served by allowing the use than by preventing it.' In this case we believe it would be. Controlled digital lending as we conceive it is..." So basically they went off and created the National Emergency Library based on their own interpretation of Fair Use. You better be ready for a huge fight if you're going to that. I don't know how they couldn't have expected this.