12 2 STA T . 2 794PUBLIC LA W 11 0– 2 8 9 —J UL Y3 0 , 2008 TI T LE III — T RANSF ER O FF U N C TIONS ,P ERSONNEL, AN D PROPERT Y OF OF H EO AND THE FEDERAL HOUSIN G FINANCE B OARD S ubti t le A—OFHEO SEC.130 1. ABOLI S HM E NT O F OFHEO. (a)INGE NE RAL.—Ef f ectiv eatt h ee ndo f the 1-y ea rp eriod b e g inning on the date of enact m ent of thi sA ct , the O ffice of F edera lH o u sing Enterprise Oversight of the D epartment of Housing and U rban Development and the positions of the Director and Deputy Director of such Office are abolished. (b) D ISPO SI T ION O F AFFAIRS.—During the 1-year period begin- ning on the date of enactment of this Act, the Director of the Office of Federal Housing Enterprise Oversight, solely for the pur- pose of w inding up the affairs of the Office of Federal Housing Enterprise Oversight— (1) shall 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 under section 1 30 3
and ( 2 )mayta k e any other action necessary for the purpose of winding up the affairs of the Office. (c) S TAT U SOFE M PLO Y EES B EFORE T RANSFER.—The amend- ments 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 affect the status of any employee of such Office as an employee 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 1303. (d) USE OF P ROPERTY AN D SER V I C ES.— (1) PROPERTY.—The Director may use the property of the Office of Federal Housing Enterprise Oversight to perform func- tions which have been transferred to the Director for such time as is reasonable to facilitate the orderly transfer of func- tions transferred under any other provision of this Act or any amendment made by this Act to any other provision of law. (2) A G ENCY SERVICES.—Any agency, department, 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 e x piration of the 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 (B) consult with any such agency to coordinate and facilitate a prompt and reasonable transition. (e) C ONTINUATION OF SERVICES.—The Director may use the services of employees and other personnel of the Office of Federal Housing Enterprise Oversight, 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 functions Ef f ectiv e da te . Effective date. 12USC45 11 no te.
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