Sec. 102. Transfer to Ginnie Mae of powers, personnel, and property of FHFA
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There are transferred to Ginnie Mae and the Director of Ginnie Mae all functions of the Federal Housing Finance Agency and the Director of the Federal Housing Finance Agency, respectively. Ginnie Mae and the Director of Ginnie Mae shall succeed to all powers, authorities, rights, and duties that were vested in the Federal Housing Finance Agency and the Director of the Federal Housing Finance Agency, respectively, including all conservatorship or receivership authorities, on the day before the transfer date in connection with the functions and authorities transferred under subparagraph (A).
The transfer of functions under this paragraph shall take effect upon the expiration of the 6-month period beginning on the date of the enactment of this Act. All regulations, orders, determinations, and resolutions described under subparagraph
(B)shall remain in effect according to the terms of such regulations, orders, determinations, and resolutions, and shall be enforceable by or against Ginnie Mae until modified, terminated, set aside, or superseded in accordance with applicable law by Ginnie Mae, any court of competent jurisdiction, or operation of law. A regulation, order, determination, or resolution is described under this subparagraph if it— was issued, made, prescribed, or allowed to become effective by— the Federal Housing Finance Agency; or a court of competent jurisdiction, and relates to functions transferred by this subsection; relates to the performance of functions that are transferred by this subsection; and is in effect on the transfer date under paragraph (1)(C). During the period preceding the transfer date under paragraph (1)(C), the Director of the Federal Housing Finance Agency, for the purpose of winding up the affairs of the Federal Housing Finance Agency in connection with the performance of functions that are transferred by this section— shall manage the employees of such Agency and provide for the payment of the compensation and benefits of any such employees which accrue before such transfer date; and may take any other action necessary for the purpose of winding up the affairs of the Office. Ginnie Mae may use the property and services of the Federal Housing Finance Agency to perform functions which have been transferred to Ginnie Mae until such time as the Agency is abolished under subsection
(c)to facilitate the orderly transfer of functions transferred under this subsection, any other provision of this Act, or any amendment made by this Act to any other provision of law. Any agency, department, or other instrumentality of the United States, and any successor to any such agency, department, or instrumentality, that was providing supporting services to the Agency before the transfer date in connection with functions that are transferred to Ginnie Mae shall— continue to provide such services, on a reimbursable basis, until the transfer of such functions is complete; and consult with any such agency to coordinate and facilitate a prompt and reasonable transition. Ginnie Mae may use the services of employees and other personnel of the Federal Housing Finance Agency, on a reimbursable basis, to perform functions which have been transferred to Ginnie Mae for such time as is reasonable to facilitate the orderly transfer of functions pursuant to this subsection, any other provision of this Act, or any amendment made by this Act to any other provision of law. Paragraph
(1)and subsection
(c)shall not affect the validity of any right, duty, or obligation of the United States, the Director of the Federal Housing Finance Agency, the Federal Housing Finance Agency, or any other person, that existed on the day before the transfer date under paragraph (1)(C). No action or other proceeding commenced by or against the Director of the Federal Housing Finance Agency in connection with the functions that are transferred to Ginnie Mae under this subsection shall abate by reason of the enactment of this Act, except that Ginnie Mae shall be substituted for the Director of the Federal Housing Finance Agency as a party to any such action or proceeding. Each employee of the Federal Housing Finance Agency that is employed in connection with functions that are transferred to Ginnie Mae under subsection
(a)shall be transferred to Ginnie Mae for employment, not later than the transfer date under subsection (a)(1)(C), and such transfer shall be deemed a transfer of function for purposes of section 3503 of title 5, United States Code. The transfer of functions under this section, and the abolishment of the Federal Housing Finance Agency under subsection (c), may not be construed to affect the status of any transferred employee as an employee of an agency of the United States for purposes of any other provision of law. Each employee transferred under paragraph
(1)shall be guaranteed a position with the same status, tenure, grade, and pay as that held on the day immediately preceding the transfer. In the case of an employee occupying a position in the excepted service, any appointment authority established under law or by regulations of the Office of Personnel Management for filling such position shall be transferred, subject to subparagraph (B). Ginnie Mae may decline a transfer of authority under subparagraph (A), to the extent that such authority relates to a position excepted from the competitive service because of its confidential, policymaking, policy-determining, or policy-advocating character. If Ginnie Mae determines, after the end of the 1-year period beginning on the transfer date under subsection (a)(1)(C), that a reorganization of the combined workforce is required, that reorganization shall be deemed a major reorganization for purposes of affording affected employee retirement under section 8336(d)(2) or 8414(b)(1)(B) of title 5, United States Code. Any employee of the Federal Housing Finance Agency accepting employment with Ginnie Mae as a result of a transfer under paragraph
(1)may retain, for 12 months after the date on which such transfer occurs, membership in any employee benefit program of the Agency or Ginnie Mae, as applicable, including insurance, to which such employee belongs on the transfer date under subsection (a)(1)(C) if— the employee does not elect to give up the benefit or membership in the program; and the benefit or program is continued by Ginnie Mae. The difference in the costs between the benefits which would have been provided by the Federal Housing Finance Agency and those provided by this subsection shall be paid by Ginnie Mae. If any employee elects to give up membership in a health insurance program or the health insurance program is not continued by Ginnie Mae, the employee shall be permitted to select an alternate Federal health insurance program not later than 30 days after the date of such election or notice, without regard to any other regularly scheduled open season. Effective upon the transfer date under subsection (a)(1)(C), the Federal Housing Finance Agency and the position of the Director of the Federal Housing Finance Agency are abolished. Effective upon the transfer date under subsection (a)(1)(C), all property of the Federal Housing Finance Agency shall transfer to Ginnie Mae. On and after the transfer date under subsection (a)(1)(C), any reference in Federal law to the Director of the Federal Housing Finance Agency or the Federal Housing Finance Agency, in connection with any function of the Director of the Federal Housing Finance Agency or the Federal Housing Finance Agency transferred under subsection (a), shall be deemed a reference to the Director of the Government National Mortgage Association or the Government National Mortgage Association, as appropriate and consistent with the amendments made by this Act.