316 
transfer shall be deemed a transfer of function for pur-
poses of section 3503 of title 5, United States Code. 
(b) GUARANTEED POSITIONS.— 
(1) IN GENERAL.—Each employee transferred 
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. 
(2) NO INVOLUNTARY SEPARATION OR REDUC-
TION.—An employee transferred under subsection 
(a) holding a permanent position on the day imme-
diately preceding the transfer may not be involun-
tarily separated or reduced in grade or compensation 
during the 12-month period beginning on the date of 
transfer, except for cause, or, in the case of a tem-
porary employee, separated in accordance with the 
terms of the appointment of the employee. 
(c) APPOINTMENT AUTHORITY FOR EXCEPTED AND 
SENIOR EXECUTIVE SERVICE EMPLOYEES.— 
(1) IN GENERAL.—In the case of an employee 
occupying a position in the excepted service or the 
Senior Executive Service, any appointment authority 
established under law or by regulations of the Office 
of Personnel Management for filling such position 
shall be transferred, subject to paragraph (2). 
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317 
(2) DECLINE
OF
TRANSFER.—The Director 
may decline a transfer of authority under paragraph 
(1) to the extent that such authority relates to— 
(A) a position excepted from the competi-
tive service because of its confidential, policy-
making, policy-determining, or policy-advocating 
character; or 
(B) a noncareer position in the Senior Ex-
ecutive Service (within the meaning of section 
3132(a)(7) of title 5, United States Code). 
(d) REORGANIZATION.—If the Director determines, 
after the end of the 1-year period beginning on the effec-
tive date of the abolishment under section 301(a), that 
a reorganization of the combined workforce is required, 
that reorganization shall be deemed a major reorganiza-
tion for purposes of affording affected employee retire-
ment 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 Office 
of Federal Housing Enterprise Oversight accepting 
employment with the Agency as a result of a trans-
fer under subsection (a) may retain, for 12 months 
after the date on which such transfer occurs, mem-
bership in any employee benefit program of the 
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318 
Agency or the Office of Federal Housing Enterprise 
Oversight of the Department of Housing and Urban 
Development, as applicable, including insurance, to 
which such employee belongs on the date of the abol-
ishment under section 301(a), if— 
(A) the employee does not elect to give up 
the benefit or membership in the program; and 
(B) the benefit or program is continued by 
the Director of the Federal Housing Finance 
Agency. 
(2) COST DIFFERENTIAL.— 
(A) IN GENERAL.—The difference in the 
costs between the benefits which would have 
been provided by the Office of Federal Housing 
Enterprise Oversight and those provided by this 
section shall be paid by the Director. 
(B) HEALTH
INSURANCE.—If any em-
ployee elects to give up membership in a health 
insurance program or the health insurance pro-
gram is not continued by the Director, the em-
ployee shall be permitted to select an alternate 
Federal health insurance program not later 
than 30 days after the date of such election or 
notice, without regard to any other regularly 
scheduled open season. 
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319 
SEC. 304. TRANSFER OF PROPERTY AND FACILITIES. 
Upon the effective date of its abolishment under sec-
tion 301(a), all property of the Office of Federal Housing 
Enterprise Oversight shall transfer to the Agency. 
Subtitle B—Federal Housing 
Finance Board 
SEC. 311. 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 subtitle referred 
to as the ‘‘Board’’) is abolished. 
(b) DISPOSITION OF AFFAIRS.—During the 1-year 
period 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 the Board 
and provide for the payment of the compensation 
and benefits of any such employee which accrue be-
fore the effective date of the transfer of such em-
ployee under section 313; and 
(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 abolish-
ment of the Board under subsection (a) may not be con-
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320 
strued to affect the status of any employee of the Board 
as an employee of an agency of the United States for pur-
poses of any other provision of law before the effective 
date of the transfer of any such employee under section 
313. 
(d) USE OF PROPERTY AND SERVICES.— 
(1) PROPERTY.—The Director may use the 
property of the Board to perform functions which 
have been transferred to the Director, 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 
functions that are transferred to the Director 
shall— 
(A) continue to provide such services, on a 
reimbursable basis, until the transfer of such 
functions is complete; and 
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321 
(B) consult with any such agency to co-
ordinate and facilitate a prompt and reasonable 
transition. 
(e) CONTINUATION OF SERVICES.—The Director may 
use the services of employees and other personnel of the 
Board, on a reimbursable basis, to perform functions 
which have been transferred to the Director for such time 
as is reasonable to facilitate the orderly transfer of func-
tions pursuant to any other provision of this Act or any 
amendment made by this Act to any other provision of 
law. 
(f) SAVINGS PROVISIONS.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Subsection (a) shall not af-
fect 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 the 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 trans-
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322 
ferred under this Act to the Director shall abate by 
reason of the enactment of this Act, except that the 
Director shall be substituted for the Board or any 
member thereof as a party to any such action or 
proceeding. 
SEC. 312. CONTINUATION AND COORDINATION OF CERTAIN 
ACTIONS. 
(a) IN GENERAL.—All regulations, orders, deter-
minations, and resolutions described under subsection (b) 
shall remain in effect according to the terms of such regu-
lations, orders, determinations, and resolutions, and shall 
be enforceable by or against the Director until modified, 
terminated, set aside, or superseded in accordance with 
applicable law by the Director, any court of competent ju-
risdiction, or operation of law. 
(b) APPLICABILITY.—A regulation, order, determina-
tion, or resolution 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 Act; and 
(2) is in effect on the effective date of the abol-
ishment under section 311(a). 
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323 
SEC. 313. TRANSFER AND RIGHTS OF EMPLOYEES OF THE 
FEDERAL HOUSING FINANCE BOARD. 
(a) TRANSFER.—Each employee of the Board shall 
be transferred to the Agency for employment, not later 
than the effective date of the abolishment under section 
311(a), and such transfer shall be deemed a transfer of 
function for purposes of section 3503 of title 5, United 
States Code. 
(b) GUARANTEED POSITIONS.— 
(1) IN GENERAL.—Each employee transferred 
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. 
(2) NO INVOLUNTARY SEPARATION OR REDUC-
TION.—An employee holding a permanent position 
on the day immediately preceding the transfer may 
not be involuntarily separated or reduced in grade or 
compensation during the 12-month period beginning 
on 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 of the 
employee. 
(c) APPOINTMENT AUTHORITY FOR EXCEPTED EM-
PLOYEES.— 
(1) IN GENERAL.—In the case of an employee 
occupying a position in the excepted service, any ap-
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324 
pointment authority established under law or by reg-
ulations of the Office of Personnel Management for 
filling such position shall be transferred, subject to 
paragraph (2). 
(2) DECLINE
OF
TRANSFER.—The Director 
may decline a transfer of authority under paragraph 
(1), to the extent that such authority relates to a po-
sition excepted from the competitive service because 
of its confidential, policymaking, policy-determining, 
or policy-advocating character. 
(d) REORGANIZATION.—If the Director determines, 
after the end of the 1-year period beginning on the effec-
tive date of the abolishment under section 311(a), that 
a reorganization of the combined workforce is required, 
that reorganization shall be deemed a major reorganiza-
tion for purposes of affording affected employee retire-
ment 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 Agency as a result of 
a transfer under subsection (a) may retain, for 12 
months after the date on which such transfer occurs, 
membership in any employee benefit program of the 
Agency or the Board, as applicable, including insur-
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325 
ance, to which such employee belongs on the effec-
tive date of the abolishment under section 311(a) 
if— 
(A) the employee does not elect to give up 
the benefit or membership in the program; and 
(B) the benefit or program is continued by 
the Director. 
(2) COST DIFFERENTIAL.— 
(A) IN GENERAL.—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. 
(B) HEALTH
INSURANCE.—If any em-
ployee elects to give up membership in a health 
insurance program or the health insurance pro-
gram is not continued by the Director, the em-
ployee shall be permitted to select an alternate 
Federal health insurance program not later 
than 30 days after the date of such election or 
notice, without regard to any other regularly 
scheduled open season. 
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326 
SEC. 314. TRANSFER OF PROPERTY AND FACILITIES. 
Upon the effective date of the abolishment under sec-
tion 311(a), all property of the Board shall transfer to 
the Agency. 
Æ 
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