320 
positions of the Director and Deputy Director 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— 
(1) manage the employees of such Office and pro-
vide 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 sec-
tion 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 Of-
fice of Federal Housing Enterprise Oversight under sub-
section (a) of this section may not be construed to affect 
the status of any employee of such Office 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 pursuant to section 303. 
(d) USE OF PROPERTY AND SERVICES.— 
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321 
(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 orderly 
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. 
(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 Fi-
nance 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.— 
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322 
(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, the Director of the Office of Federal 
Housing Enterprise Oversight, or any other person, 
which— 
(A) arises under or pursuant to the title 
XIII of the Housing and Community Develop-
ment Act of 1992, the Federal National Mortgage 
Association Charter Act, the Federal Home Loan 
Mortgage Corporation Act, or any other provi-
sion of law applicable with respect to such Of-
fice; 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 Direc-
tor of the Office of Federal Housing Enterprise Over-
sight in connection with functions that are trans-
ferred to the Director of the Federal Housing Finance 
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 Director 
of the Office of Federal Housing Enterprise Oversight 
as a party to any such action or proceeding. 
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323 
SEC. 302. CONTINUATION AND COORDINATION OF CERTAIN 
REGULATIONS. 
All regulations, orders, determinations, and resolutions 
that— 
(1) were issued, made, prescribed, or allowed to 
become effective by— 
(A) the Office of Federal Housing Enter-
prise Oversight; or 
(B) a court of competent jurisdiction and 
that relate to functions transferred by this sub-
title; 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 regulations, orders, de-
terminations, and resolutions, and shall be enforceable 
by or against the Director of the Federal Housing Fi-
nance 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. 
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) 
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