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TITLE III—TRANSFER OF FUNC-
TIONS, 
PERSONNEL, 
AND 
PROPERTY 
OF 
OFFICE 
OF 
FEDERAL 
HOUSING 
ENTER-
PRISE OVERSIGHT, FEDERAL 
HOUSING 
FINANCE 
BOARD, 
AND DEPARTMENT OF HOUS-
ING AND URBAN DEVELOP-
MENT 
Subtitle A—Office of Federal 
Housing Enterprise Oversight 
SEC. 301. ABOLISHMENT OF OFHEO. 
(a) IN GENERAL.—Effective at the end of the 6- 
month period beginning on the date of the enactment of 
this Act, the Office of Federal Housing Enterprise Over-
sight of the Department of Housing and Urban Develop-
ment and the positions of the Director and Deputy Direc-
tor of such Office are abolished. 
(b) DISPOSITION OF AFFAIRS.—During the 6-month 
period beginning on the date of the enactment of this Act, 
the Director of the Office of Federal Housing Enterprise 
Oversight shall, for the purpose of winding up the affairs 
of the Office of Federal Housing Enterprise Oversight and 
in addition to carrying out its other responsibilities under 
law— 
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(1) manage the employees of such Office 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 
pursuant to section 303; and 
(2) may take any other action necessary for the 
purpose of winding up the affairs of the Office. 
(c) STATUS OF EMPLOYEES BEFORE TRANSFER.— 
The amendments made by title I and the abolishment of 
the Office of Federal Housing Enterprise Oversight under 
subsection (a) of this section may not be construed to af-
fect the status of any employee of such Office as employ-
ees 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 pursuant to section 303. 
(d) USE OF PROPERTY AND SERVICES.— 
(1) PROPERTY.—The Director of the Federal 
Housing Finance Agency may use the property of 
the Office of Federal Housing Enterprise Oversight 
to perform functions which have been transferred to 
the Director of the Federal Housing Finance Agency 
for such time as is reasonable to facilitate the or-
derly transfer of functions transferred pursuant to 
any other provision of this Act or any amendment 
made by this Act to any other provision of law. 
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(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 Office of Federal Housing Enterprise 
Oversight before the expiration of the 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. 
(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, the Director of the Office of Fed-
eral Housing Enterprise Oversight, or any other per-
son, which— 
(A) arises under or pursuant to the title 
XIII of the Housing and Community Develop-
ment Act of 1992, the Federal National Mort-
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gage Association Charter Act, the Federal 
Home Loan Mortgage Corporation Act, or any 
other provision of law applicable with respect to 
such Office; and 
(B) existed on the day before the abolish-
ment under subsection (a) of this section. 
(2) CONTINUATION
OF
SUITS.—No action or 
other proceeding commenced by or against the Di-
rector of the Office of Federal Housing Enterprise 
Oversight in connection with functions that are 
transferred to the Director of the Federal Housing 
Finance Agency shall abate by reason of the enact-
ment of this Act, except that the Director of the 
Federal Housing Finance Agency shall be sub-
stituted for the Director of the Office of Federal 
Housing Enterprise Oversight as a party to any 
such action or proceeding. 
SEC. 302. CONTINUATION AND COORDINATION OF CERTAIN 
REGULATIONS. 
All regulations, orders, determinations, and resolu-
tions that— 
(1) were issued, made, prescribed, or allowed to 
become effective by— 
(A) the Office of Federal Housing Enter-
prise Oversight; or 
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