§ 1301. ABOLISHMENT OF OFHEO.
678 words·~3 min read·
/usc/title-12/section-1301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In General .— Effective at the end of the 1-year period beginning on the date of enactment of this Act [ July 30, 2008 ], the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development and the positions of the Director and Deputy Director of such Office are abolished. Disposition of Affairs .— During the 1-year period beginning on the date of enactment of this Act [ July 30, 2008 ], the Director of the Office of Federal Housing Enterprise Oversight, solely for the purpose of winding up the affairs of the Office of Federal Housing Enterprise Oversight— 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 1303; and may take any other action necessary for the purpose of winding up the affairs of the Office.
Status of Employees Before Transfer .— The amendments made by title I [title I (§§ 1101–1163) of div. A of Pub. L. 110–289 , see Tables for classification] 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. Use of Property and Services.— Property .— The Director may use the property of the Office of Federal Housing Enterprise Oversight to perform functions which have been transferred to the Director for such time as is reasonable to facilitate the orderly transfer of functions transferred under any other provision of this Act [see Tables for classification] or any amendment made by this Act to any other provision of law. Agency 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 expiration of the period under subsection
(a)in connection with functions that are transferred to the Director 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. Continuation 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 pursuant to any other provision of this Act [see Tables for classification] or any amendment made by this Act to any other provision of law. Savings Provisions.— Existing rights, duties, and obligations 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— arises under— the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 [ 12 U.S.C. 4501 et seq.]; the Federal National Mortgage Association Charter Act [ 12 U.S.C. 1716 et seq.]; the Federal Home Loan Mortgage Corporation Act [ 12 U.S.C. 1451 et seq.]; or any other provision of law applicable with respect to such Office; and existed on the day before the date of abolishment under subsection (a). Continuation of suits .— No action or other proceeding commenced by or against the Director 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 enactment of this Act [see Tables for classification], 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.
Connections6 cite this · traces to 3
Cited by 6 sections · top 4
Traces to 3 documents
1 reference not yet in our index
- Pub. L. 110-289
Citation graph
cites case law
§ 1301
ABOLISHMENT OF OFHEO.
Fed. Reg.×4
Stat.×2
Pub. L.Pub. L. 110-289
Cites 4Cited by 6 across 2 sources