§ 1311. ABOLISHMENT OF THE FEDERAL HOUSING FINANCE BOARD.

580 words·~3 min read·/usc/title-12/section-1311

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In General .— Effective at the end of the 1-year period beginning on the date of enactment of this Act [ July 30, 2008 ], the Federal Housing Finance Board (in this subtitle referred to as the ‘Board’) is abolished. Disposition of Affairs .— During the 1-year period beginning on the date of enactment of this Act [ July 30, 2008 ], the Board, solely for the purpose of winding up the affairs of the Board— shall manage the employees of the Board 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 1313; and may take any other action necessary for the purpose of winding up the affairs of the Board.

Status of Employees Before Transfer .— The amendments made by titles I and II [titles I (§§ 1101–1163) and II (§§ 1201–1218) of div. A of Pub. L. 110–289 , see Tables for classification] and the abolishment of the Board under subsection

(a)may not be construed to affect the status of any employee of the Board 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 1313. Use of Property and Services.— Property .— The Director may use the property of the Board 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 Board before the expiration of the 1-year 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 Board, 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, a member of the Board, or any other person, which— arises under the Federal Home Loan Bank Act [ 12 U.S.C. 1421 et seq.], or any other provision of law applicable with respect to the Board; and existed on the day before the effective date of the abolishment under subsection (a). Continuation of suits .— No action or other proceeding commenced by or against the Board in connection with functions that are transferred under this Act [see Tables for classification] to the Director shall abate by reason of the enactment of this Act, except that the Director shall be substituted for the Board or any member thereof as a party to any such action or proceeding.

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U.S. Code