339 
HR 1427 RFS
(B) a court of competent jurisdiction and 
that relate to functions transferred by this sub-
title; and 
(2) are in effect on the date of the abolishment 
under section 301(a) of this Act, shall remain in ef-
fect according to the terms of such regulations, or-
ders, determinations, and resolutions, and shall be 
enforceable by or against the Director of the Federal 
Housing Finance Agency until modified, terminated, 
set aside, or superseded in accordance with applica-
ble law by such Director, as the case may be, any 
court of competent jurisdiction, or operation of law. 
SEC. 303. TRANSFER AND RIGHTS OF EMPLOYEES OF 
OFHEO. 
(a) TRANSFER.—Each employee of the Office of Fed-
eral Housing Enterprise Oversight shall be transferred to 
the Federal Housing Finance Agency for employment no 
later than the date of the abolishment under section 
301(a) of this Act and such transfer shall be deemed a 
transfer of function for purposes of section 3503 of title 
5, United States Code. 
(b) GUARANTEED POSITIONS.—Each employee trans-
ferred under subsection (a) shall be guaranteed a position 
with the same status, tenure, grade, and pay as that held 
on the day immediately preceding the transfer. Each such 
VerDate Aug 31 2005 
22:38 May 26, 2007
Jkt 059200
PO 00000
Frm 00339
Fmt 6652
Sfmt 6201
E:\BILLS\H1427.RFS
H1427
hsrobinson on PROD1PC76 with BILLS
340 
HR 1427 RFS
employee holding a permanent position shall not be invol-
untarily separated or reduced in grade or compensation 
for 12 months after the date of transfer, except for cause 
or, if the employee is a temporary employee, separated in 
accordance with the terms of the appointment. 
(c) APPOINTMENT
AUTHORITY
FOR
EXCEPTED 
SERVICE EMPLOYEES.— 
(1) IN GENERAL.—In the case of employees oc-
cupying positions in the excepted service, any ap-
pointment authority established pursuant to law or 
regulations of the Office of Personnel Management 
for filling such positions shall be transferred, subject 
to paragraph (2). 
(2) DECLINE OF TRANSFER.—The Director of 
the Federal Housing Finance Agency may decline a 
transfer of authority under paragraph (1) (and the 
employees appointed pursuant thereto) to the extent 
that such authority relates to positions excepted 
from the competitive service because of their con-
fidential, policy-making, policy-determining, or pol-
icy-advocating character. 
(d) REORGANIZATION.—If the Director of the Fed-
eral Housing Finance Agency determines, after the end 
of the 1-year period beginning on the date of the abolish-
ment under section 301(a), that a reorganization of the 
VerDate Aug 31 2005 
22:38 May 26, 2007
Jkt 059200
PO 00000
Frm 00340
Fmt 6652
Sfmt 6201
E:\BILLS\H1427.RFS
H1427
hsrobinson on PROD1PC76 with BILLS
341 
HR 1427 RFS
combined work force is required, that reorganization shall 
be deemed a major reorganization for purposes of afford-
ing 
affected 
employees 
retirement 
under 
section 
8336(d)(2) or 8414(b)(1)(B) of title 5, United States 
Code. 
(e) EMPLOYEE BENEFIT PROGRAMS.—Any employee 
of the Office of Federal Housing Enterprise Oversight ac-
cepting employment with the Director of the Federal 
Housing Finance Agency as a result of a transfer under 
subsection (a) may retain for 12 months after the date 
such transfer occurs membership in any employee benefit 
program of the Federal Housing Finance Agency or the 
Office of Federal Housing Enterprise Oversight, as appli-
cable, including insurance, to which such employee belongs 
on the date of the abolishment under section 301(a) if— 
(1) the employee does not elect to give up the 
benefit or membership in the program; and 
(2) the benefit or program is continued by the 
Director of the Federal Housing Finance Agency, 
The difference in the costs between the benefits which 
would have been provided by such agency and those pro-
vided by this section shall be paid by the Director of the 
Federal Housing Finance Agency. If any employee elects 
to give up membership in a health insurance program or 
the health insurance program is not continued by such Di-
VerDate Aug 31 2005 
22:38 May 26, 2007
Jkt 059200
PO 00000
Frm 00341
Fmt 6652
Sfmt 6201
E:\BILLS\H1427.RFS
H1427
hsrobinson on PROD1PC76 with BILLS