§ 401. FSLIC AND FEDERAL HOME LOAN BANK BOARD ABOLISHED.

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In general.— Effective on the date of the enactment of this Act [ Aug. 9, 1989 ], the Federal Savings and Loan Insurance Corporation established under section 402 of the National Housing Act [former 12 U.S.C. 1725 ] is abolished. Effective at the end of the 60-day period beginning on the date of the enactment of this Act, the Federal Home Loan Bank Board and the position of Chairman of the Federal Home Loan Bank Board are abolished. Disposition of Affairs.— In general .— During the 60-day period beginning on the date of the enactment of this Act [ Aug. 9, 1989 ], the Chairman of the Federal Home Loan Bank Board— shall, solely for the purpose of winding up the affairs of the Federal Savings and Loan Insurance Corporation and the Federal Home Loan Bank Board— 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 pursuant to section 403; and manage any property of the Board and the Corporation until such property is transferred pursuant to section 405; and may take any other action necessary for the purpose of winding up the affairs of the Corporation and the Board.

Availability of funds in fslic resolution fund on a reimbursable basis.— Availability of funds .— Notwithstanding any provision of section 11A of the Federal Deposit Insurance Act [ 12 U.S.C. 1821a ] (as added by section 215 of this Act), funds in the FSLIC Resolution Fund shall be available to the Chairman of the Federal Home Loan Bank Board to pay any expense incurred in carrying out the requirements of paragraph (1). Payment by fdic .— Upon the request of the Chairman of the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation shall pay to the Chairman from the FSLIC Resolution Fund the amounts requested for expenses described in subparagraph (A).

Exclusive source of funds .— No funds or other property of the Federal Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation (other than the FSLIC Resolution Fund) may be used by the Chairman of the Federal Home Loan Bank Board to pay any expense incurred in carrying out any provision of this title [see Tables for classification]. Reimbursement by successor agencies .— Disbursements from the FSLIC Resolution Fund pursuant to subparagraph

(A)which are attributable to employees described in paragraph (1)(A)(i) and property described in paragraph (1)(A)(ii) shall be reimbursed by the agency to which any such employee or property is transferred. Authority and Status of Chairman of the Federal Home Loan Bank Board.— In general .— Notwithstanding the repeal of section 17 of the Federal Home Loan Bank Act [ 12 U.S.C. 1437 ] by section 703 of this Act, the repeal of section 402(c) of the National Housing Act [ 12 U.S.C. 1725(c) ] by section 407 of this title , the abolishment of the Federal Savings and Loan Insurance Corporation under section 401 of this title , the Chairman of the Federal Home Loan Bank Board shall have any authority vested in the Chairman or the Board before such date of enactment [ Aug. 9, 1989 ] which is necessary for the Chairman to carry out the requirements of this section, paragraphs

(1)and

(2)of section 403(b), and section 405(a) during the 60-day period beginning on such date. Other provisions .— For purposes of paragraph (1), the Chairman of the Federal Home Loan Bank Board shall continue to be— treated as an officer of the United States during the 60-day period referred to in such subparagraph; and entitled to compensation at the annual rate of basic pay payable for level III of the Executive Schedule [ 5 U.S.C. 5314 ]. No additional compensation if appointed director .— During the 60-day period beginning on the date of the enactment of this Act [ Aug. 9, 1989 ], the Chairman of the Federal Home Loan Bank Board shall not be entitled to any additional compensation by reason of his appointment as Director of the Office of Thrift Supervision. Status of Employees Before Transfer.— Employees of fslic .— Any employee of the Federal Savings and Loan Insurance Corporation shall be treated as an employee of the Federal Home Loan Bank Board for purposes of subsection (b)(1)(A)(i). Rule of construction .— The repeal of section 17 of the Federal Home Loan Bank Act [ 12 U.S.C. 1437 ] by section 703 of this Act, the repeal of section 402(c) of the National Housing Act [ 12 U.S.C. 1725(c) ] by section 407 of this title , and the abolishment of the Federal Savings and Loan Insurance Corporation under section 401 of this title , shall not be construed as affecting the status of employees of such Corporation or of the Federal Home Loan Bank Board as employees 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 pursuant to section 403. Continuation of Services.— In general .— The Director of the Office of Thrift Supervision, the Chairperson of the Oversight Board of the Resolution Trust Corporation, the Chairperson of the Federal Deposit Insurance Corporation, and the Chairperson of the Federal Housing Finance Board may use the services of employees and other personnel and the property of the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation, on a reimbursable basis, to perform functions which have been transferred to such agencies for such time as is reasonable to facilitate the orderly transfer of functions transferred 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. Reimbursement .— The reimbursement required under paragraph

(1)with respect to employees, personnel, and property described in such paragraph shall be made to the FSLIC Resolution Fund and shall be taken into account in determining the amount of any reimbursement required under subsection (b)(2)(D). Agency services .— Any agency, department, or other instrumentality of the United States (including any Federal home loan bank), and any successor to any such agency, department, or instrumentality, which was providing supporting services to the Federal Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation before the enactment of this Act [ Aug. 9, 1989 ] in connection with functions that are transferred to the Office of Thrift Supervision, the Resolution Trust Corporation, the Federal Deposit Insurance Corporation, or the Federal Housing Finance Board 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. Savings Provisions Relating to FSLIC.— 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 Federal Savings and Loan Insurance Corporation, or any other person, which— arises under or pursuant to any section of title IV of the National Housing Act [former 12 U.S.C. 1724 et seq.]; and existed on the day before the date of the enactment of this Act [ Aug. 9, 1989 ]. Continuation of suits .— No action or other proceeding commenced by or against the Federal Savings and Loan Insurance Corporation, or any Federal home loan bank with respect to any function of the Corporation which was delegated to employees of such bank, shall abate by reason of the enactment of this Act [see Tables for classification], except that the appropriate successor to the interests of such Corporation shall be substituted for the Corporation or the Federal home loan bank as a party to any such action or proceeding. Savings Provisions Relating to FHLBB.— 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 Federal Home Loan Bank Board, or any other person, which— arises under or pursuant to the Federal Home Loan Bank Act [ 12 U.S.C. 1421 et seq.], the Home Owners’ Loan Act of 1933 [ 12 U.S.C. 1461 et seq.], or any other provision of law applicable with respect to such Board (other than title IV of the National Housing Act [former 12 U.S.C. 1724 et seq.]); and existed on the day before the date of the enactment of this Act [ Aug. 9, 1989 ]. Continuation of suits.— In general .— No action or other proceeding commenced by or against the Federal Home Loan Bank Board, or any Federal home loan bank with respect to any function of the Board which was delegated to employees of such bank, shall abate by reason of the enactment of this Act [see Tables for classification], except that the appropriate successor to the interests of such Board shall be substituted for the Board or the Federal home loan bank as a party to any such action or proceeding. Continuation of Orders, Resolutions, Determinations, and Regulations .— Subject to section 402, all orders, resolutions, determinations, and regulations, which— have been issued, made, prescribed, or allowed to become effective by the Federal Savings and Loan Insurance Corporation or the Federal Home Loan Bank Board (including orders, resolutions, determinations, and regulations which relate to the conduct of conservatorships and receiverships), or by a court of competent jurisdiction, in the performance of functions which are transferred by this Act [see Tables for classification]; and are in effect on the date this Act takes effect [ Aug. 9, 1989 ], shall continue in effect according to the terms of such orders, resolutions, determinations, and regulations and shall be enforceable by or against the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, the Federal Housing Finance Board, or the Resolution Trust Corporation, as the case may be, until modified, terminated, set aside, or superseded in accordance with applicable law by the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, the Federal Housing Finance Board, or the Resolution Trust Corporation, as the case may be, by any court of competent jurisdiction, or by operation of law. Identification of Regulations Which Remain in Effect Pursuant to This Section .— Before the end of the 60-day period beginning on the date of the enactment of this Act [ Aug. 9, 1989 ], the Director of the Office of Thrift Supervision and the Chairperson of the Federal Deposit Insurance Corporation shall— identify the regulations and orders which relate to the conduct of conservatorships and receiverships in accordance with the allocation of authority between them under this Act [see Tables for classification] and the amendments made by this Act; and promptly publish notice of such identification in the Federal Register.

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