318 
SEC. 322. CONTINUATION AND COORDINATION OF CERTAIN 
REGULATIONS. 
(a) IN GENERAL.—All regulations, orders, and deter-
minations described under subsection (b) shall remain in 
effect according to the terms of such regulations, orders, 
determinations, and resolutions, and shall be enforceable 
by or against the Director of the Federal Housing Finance 
Agency until modified, terminated, set aside, or super-
seded in accordance with applicable law by such Director, 
any court of competent jurisdiction, or operation of law. 
(b) APPLICABILITY.—A regulation, order, or deter-
mination is described under this subsection if it— 
(1) was issued, made, prescribed, or allowed to 
become effective by— 
(A) the Board; or 
(B) a court of competent jurisdiction and 
relates to functions transferred by this subtitle; 
and 
(2) is in effect on the effective date of the abol-
ishment under section 321(a). 
SEC. 323. TRANSFER AND RIGHTS OF EMPLOYEES OF THE 
FEDERAL HOUSING FINANCE BOARD. 
(a) TRANSFER.—Each employee of the Board shall 
be transferred to the Federal Housing Finance Agency for 
employment not later than the effective date of the abol-
ishment under section 321(a), and such transfer shall be 
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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 
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 AND 
SENIOR EXECUTIVE SERVICE EMPLOYEES.— 
(1) IN GENERAL.—In the case of employees oc-
cupying positions in the excepted service or the Sen-
ior Executive Service, any appointment authority es-
tablished under law or by 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) to the ex-
tent that such authority relates to positions excepted 
from the competitive service because of their con-
fidential, policymaking, policy-determining, or policy- 
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advocating character, and noncareer positions in the 
Senior Executive Service (within the meaning of sec-
tion 3132(a)(7) of title 5, United States Code). 
(d) REORGANIZATION.—If the Director of the Fed-
eral Housing Finance Agency determines, after the end 
of the 1-year period beginning on the effective date of the 
abolishment under section 321(a), that a reorganization 
of the combined workforce is required, that reorganization 
shall be deemed a major reorganization for purposes of 
affording affected employees retirement under section 
8336(d)(2) or 8414(b)(1)(B) of title 5, United States 
Code. 
(e) EMPLOYEE BENEFIT PROGRAMS.— 
(1) IN GENERAL.—Any employee of the Board 
accepting employment with the Federal Housing Fi-
nance Agency as a result of a transfer under sub-
section (a) may retain for 12 months after the date 
on which such transfer occurs membership in any 
employee benefit program of the Federal Housing 
Finance Agency or the Board, as applicable, includ-
ing insurance, to which such employee belongs on 
the effective date of the abolishment under section 
321(a) if— 
(A) the employee does not elect to give up 
the benefit or membership in the program; and 
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(B) the benefit or program is continued by 
the Director of the Federal Housing Finance 
Agency. 
(2) COST
DIFFERENTIAL.—The difference in 
the costs between the benefits which would have 
been provided by the Board and those provided by 
this section shall be paid by the Director of the Fed-
eral Housing Finance Agency. If any employee elects 
to give up membership in a health insurance pro-
gram or the health insurance program is not contin-
ued by such Director, the employee shall be per-
mitted to select an alternate Federal health insur-
ance program within 30 days after such election or 
notice, without regard to any other regularly sched-
uled open season. 
SEC. 324. TRANSFER OF PROPERTY AND FACILITIES. 
Upon the effective date of the abolishment under sec-
tion 321(a), all property of the Board shall transfer to 
the Director of the Federal Housing Finance Agency. 
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