Sec. 5. Transfer authorities
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All functions that are authorized to be performed by the Bank, the Board of Directors of the Bank, any officer or employee of the Bank acting in that capacity, or any agency or office of the Bank on the day before the abolishment date are transferred to the Secretary on the abolishment date. Notwithstanding any other provision of law, the Office of Inspector General for the Bank shall terminate on the abolishment date, and the assets and obligations of the Office shall be transferred to the Office of the Inspector General for the Department of the Treasury or otherwise disposed of as the Secretary determines to be appropriate.
The provisions of this section shall not affect the performance of any pending audit, investigation, inspection, or report by the Office of the Inspector General for the Bank as of the abolishment date, with respect to functions transferred by this section. Nothing in this subsection shall be deemed to prohibit the discontinuance or modification of any performance under the same terms and conditions and to the same extent that performance could have been discontinued or modified if this section had not been enacted.
Except as otherwise provided by law, a Federal official to whom a function is transferred by this subsection may, for purposes of performing the function, exercise all authorities under any other provision of law that were available with respect to the performance of that function to the official responsible for the performance of the function immediately before the abolishment date. Except as otherwise expressly prohibited by law, a Federal official to whom a function is transferred by this subsection (including the head of any office to which functions are transferred by this subsection) may delegate any of the functions so transferred to such officers and employees of the office of the official as the official may designate, and may authorize successive redelegations of such functions as may be necessary or appropriate.
No delegation of functions under this subparagraph or under any other provision of this Act shall relieve the official to whom a function is transferred under this Act of responsibility for the administration of the function. If necessary, the Secretary shall make any determination of the functions that are transferred under this subsection. The Secretary, at such time or times as the Secretary shall provide, may make such determinations as may be necessary with regard to the functions transferred by this subsection, and make such additional incidental dispositions of personnel, assets, liabilities, grants, contracts, property, records, and unexpended balances of appropriations, authorizations, allocations, and other funds held, used, arising from, available to, or to be made available in connection with such functions, as may be necessary to carry out the provisions of this Act.
All individuals who were officers or employees of the Bank immediately before the abolishment date and performed functions that are transferred to the Secretary under subsection
(a)are transferred to the Department of the Treasury on the abolishment date (other than members of the Board of Directors of the Bank). Except as otherwise provided in this Act, so much of the personnel, property, records, and unexpended balances of appropriations, allocations, and other funds employed, used, held, available, or to be made available in connection with a function transferred to an official or agency by this Act shall be available to the official or the head of that agency, respectively, at such time or times as the Director of the Office of Management and Budget directs for use in connection with the functions transferred.