228 
(B) the Secretary of Housing and Urban 
Development and that relate to the Secretary’s 
authority under— 
(i) title XIII of the Housing and Com-
munity Development Act of 1992; 
(ii) under the Federal National Mort-
gage Association Charter Act, with respect 
to the Federal National Mortgage Associa-
tion; or 
(iii) the Federal Home Loan Mort-
gage Corporation Act; or 
(C) a court of competent jurisdiction and 
that relate to functions transferred by this Act; 
and 
(2) are in effect on the date of the abolishment 
under section 301(a) of this Act, 
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 of the Federal 
Housing Finance Agency until modified, terminated, set 
aside, or superseded in accordance with applicable law by 
such Director, as the case may be, any court of competent 
jurisdiction, or operation of law.
229 
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 
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).
230 
(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 201(a), that a reorganization of the 
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-
231 
cable, including 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 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-
rector, the employee shall be permitted to select an alter-
nate Federal health insurance program within 30 days of 
such election or notice, without regard to any other regu-
larly 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.
232 
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 
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 such 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 323; 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-
strued to affect the status of any employee of such Board 
as employees of an agency of the United States for pur-
poses of any other provision of law before the effective
233 
date of the transfer of any such employee under section 
403. 
(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 
transferred to the Director of the Federal Housing 
Finance Agency for such time as is reasonable to fa-
cilitate the orderly transfer of functions transferred 
under any other provision of this Act or any amend-
ment 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 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 co-
ordinate and facilitate a prompt and reasonable 
transition.
234 
(e) 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 title XIII of the Housing 
and Community Development Act of 1992, the 
Federal National Mortgage Association Charter 
Act, the Federal Home Loan Mortgage Cor-
poration Act, the Federal Home Loan Bank 
Act, or any other provision of law applicable 
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 trans-
ferred to the Director of the Federal Housing Fi-
nance Agency shall abate by reason of the enactment 
of this Act, except that the Director of the Federal 
Housing Finance Agency shall be substituted for the 
Board or any member thereof as a party to any such 
action or proceeding.
235 
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 
that relate to functions transferred by this Act; 
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
236 
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-
237 
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
238 
(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. 
Æ