302 
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 ac-
cordance with the terms of the appointment. 
(c) APPOINTMENT AUTHORITY FOR EXCEPTED SERV-
ICE EMPLOYEES.— 
(1) IN GENERAL.—In the case of employees occu-
pying positions in the excepted service, any appoint-
ment authority established pursuant to law or regula-
tions of the Office of Personnel Management for filling 
such positions shall be transferred, subject to para-
graph (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 confidential, 
policy-making, policy-determining, or policy-advo-
cating character. 
(d) REORGANIZATION.—If the Director of the Federal 
Housing Finance Agency determines, after the end of the 
1-year period beginning on the date of the abolishment 
under section 201(a), that a reorganization of the combined
303 
work force 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.—Any employee 
of the Office of Federal Housing Enterprise Oversight ac-
cepting employment with the Director of the Federal Hous-
ing Finance Agency as a result of a transfer under sub-
section (a) may retain for 12 months after the date such 
transfer occurs membership in any employee benefit pro-
gram of the Federal Housing Finance Agency or the Office 
of Federal Housing Enterprise Oversight, as applicable, in-
cluding insurance, to which such employee belongs on the 
date of the abolishment under section 201(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 provided 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 Director, the 
employee shall be permitted to select an alternate Federal
304 
health insurance program within 30 days of such election 
or notice, without regard to any other regularly scheduled 
open season. 
SEC. 304. TRANSFER OF PROPERTY AND FACILITIES. 
Upon the abolishment under section 301(a), all prop-
erty of the Office of Federal Housing Enterprise Oversight 
shall transfer to the Director of the Federal Housing Fi-
nance Agency. 
Subtitle B—Federal Housing 
Finance Board 
SEC. 321. ABOLISHMENT OF THE FEDERAL HOUSING FI-
NANCE BOARD. 
(a) IN GENERAL.—Effective at the end of the 1-year 
period beginning on the date of enactment of this Act, the 
Federal Housing Finance Board (in this title referred to 
as the ‘‘Board’’) is abolished. 
(b) DISPOSITION OF AFFAIRS.—During the 1-year pe-
riod beginning on the date of enactment of this Act, the 
Board, solely for the purpose of winding up the affairs of 
the Board— 
(1) shall manage the employees of such Board 
and provide for the payment of the compensation and 
benefits of any such employee which accrue before the 
effective date of the transfer of such employee under 
section 323; and
305 
(2) may take any other action necessary for the 
purpose of winding up the affairs of the Board. 
(c) STATUS OF EMPLOYEES BEFORE TRANSFER.—The 
amendments made by titles I and II and the abolishment 
of the Board under subsection (a) may not be construed to 
affect the status of any employee of such Board as employees 
of an agency of the United States for purposes of any other 
provision of law before the effective date of the transfer of 
any such employee under section 323. 
(d) USE OF PROPERTY AND SERVICES.— 
(1) PROPERTY.—The Director of the Federal 
Housing Finance Agency may use the property of the 
Board to perform functions which have been trans-
ferred to the Director of the Federal Housing Finance 
Agency for such time as is reasonable to facilitate the 
orderly transfer of functions transferred under any 
other provision of this Act or any amendment made 
by this Act to any other provision of law. 
(2) AGENCY
SERVICES.—Any agency, depart-
ment, or other instrumentality of the United States, 
and any successor to any such agency, department, or 
instrumentality, which was providing supporting 
services to the Board before the expiration of the 1- 
year period under subsection (a) in connection with
306 
functions that are transferred to the Director of the 
Federal Housing Finance Agency shall— 
(A) continue to provide such services, on a 
reimbursable basis, until the transfer of such 
functions is complete; and 
(B) consult with any such agency to coordi-
nate and facilitate a prompt and reasonable 
transition. 
(e) SAVINGS PROVISIONS.— 
(1) EXISTING
RIGHTS, DUTIES, AND
OBLIGA-
TIONS NOT AFFECTED.—Subsection (a) shall not affect 
the validity of any right, duty, or obligation of the 
United States, a member of the Board, or any other 
person, which— 
(A) arises under the Federal Home Loan 
Bank Act or any other provision of law applica-
ble with respect to such Board; and 
(B) existed on the day before the effective 
date of the abolishment under subsection (a). 
(2) CONTINUATION
OF
SUITS.—No action or 
other proceeding commenced by or against the Board 
in connection with functions that are transferred to 
the Director of the Federal Housing Finance Agency 
shall abate by reason of the enactment of this Act, ex-
cept that the Director of the Federal Housing Finance
307 
Agency shall be substituted for the Board or any 
member thereof as a party to any such action or pro-
ceeding. 
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, de-
terminations, 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 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 abolish-
ment under section 321(a).