12 U.S.C. § 4511: Establishment of the Federal Housing Finance Agency

There is established the Federal Housing Finance Agency, which shall be an independent agency of the Federal Government. Each regulated entity shall, to the extent provided in this chapter, be subject to the supervision and regulation of the Agency. The Director shall have general regulatory authority over each regulated entity and the Office of Finance, and shall exercise such general regulatory authority, including such duties and authorities set forth under section 4513 of this title , to ensure that the purposes of this Act, the authorizing statutes, and any other applicable law are carried out. The authority of the Director to take actions under subchapters II and III shall not in any way limit the general supervisory and regulatory authority granted to the Director under subsection (b). Each employee of the Department of Housing and Urban Development whose position responsibilities primarily involve the establishment and enforcement of the housing goals under subpart B of part 2 of subtitle A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4561 et seq.) shall be transferred to the Federal Housing Finance Agency for employment, not later than the effective date of the Federal Housing Finance Regulatory Reform Act of 2008 [div. A (§§ 1001–1605) of Pub. L. 110–289 , approved July 30, 2008 ], and such transfer shall be deemed a transfer of function for purposes of section 3503 of title 5 , United States Code. Each employee transferred under subsection (a) shall be guaranteed a position with the same status, tenure, grade, and pay as that held on the day immediately preceding the transfer. An employee transferred under subsection (a) holding a permanent position on the day immediately preceding the transfer may not be involuntarily separated or reduced in grade or compensation during the 12-month period beginning on the date of transfer, except for cause, or, in the case of a temporary employee, separated in accordance with the terms of the appointment of the employee. In the case of an employee occupying a position in the excepted service or the Senior Executive 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 paragraph (2). a position excepted from the competitive service because of its confidential, policymaking, policy-determining, or policy-advocating character; or a noncareer position in the Senior Executive Service (within the meaning of section 3132(a)(7) of title 5 , United States Code). If the Director determines, after the end of the 1-year period beginning on the effective date of the Federal Housing Finance Regulatory Reform Act of 2008 [div. A (§§ 1001–1605) of Pub. L. 110–289 , approved July 30, 2008 ], 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. the employee does not elect to give up the benefit or membership in the program; and the benefit or program is continued by the Director of the Federal Housing Finance Agency. The difference in the costs between the benefits which would have been provided by the Department of Housing and Urban Development and those provided by this section shall be paid by the Director. If any employee elects to give up membership in a health insurance program or the health insurance program is not continued by the Director, 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 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. 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. 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. 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. 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. 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. 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). 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. All regulations, orders, and determinations described in subsection (b) shall remain in effect according to the terms of such regulations, orders, and determinations, and shall be enforceable by or against the Director or the Secretary of Housing and Urban Development, as the case may be, until modified, terminated, set aside, or superseded in accordance with applicable law by the Director or the Secretary, as the case may be, any court of competent jurisdiction, or operation of law. the Office of Federal Housing Enterprise Oversight; 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.], with respect to the Federal National Mortgage Association; or the Federal Home Loan Mortgage Corporation Act [ 12 U.S.C. 1451 et seq.], with respect to the Federal Home Loan Mortgage Corporation; or a court of competent jurisdiction, and relates to functions transferred by this Act [see Tables for classification]; and is in effect on the effective date of the abolishment under section 1301(a). Each employee of the Office of Federal Housing Enterprise Oversight shall be transferred to the Agency for employment, not later than the effective date of the abolishment under section 1301(a), and such transfer shall be deemed a transfer of function for purposes of section 3503 of title 5 , United States Code. Each employee transferred under subsection (a) shall be guaranteed a position with the same status, tenure, grade, and pay as that held on the day immediately preceding the transfer. An employee transferred under subsection (a) holding a permanent position on the day immediately preceding the transfer may not be involuntarily separated or reduced in grade or compensation during the 12-month period beginning on the date of transfer, except for cause, or, in the case of a temporary employee, separated in accordance with the terms of the appointment of the employee. In the case of an employee occupying a position in the excepted service or the Senior Executive 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 paragraph (2). a position excepted from the competitive service because of its confidential, policymaking, policy-determining, or policy-advocating character; or a noncareer position in the Senior Executive Service (within the meaning of section 3132(a)(7) of title 5 , United States Code). If the Director determines, after the end of the 1-year period beginning on the effective date of the abolishment under section 1301(a), 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. the employee does not elect to give up the benefit or membership in the program; and the benefit or program is continued by the Director of the Federal Housing Finance Agency. The difference in the costs between the benefits which would have been provided by the Office of Federal Housing Enterprise Oversight and those provided by this section shall be paid by the Director. If any employee elects to give up membership in a health insurance program or the health insurance program is not continued by the Director, 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. “Upon the effective date of its abolishment under section 1301(a), all property of the Office of Federal Housing Enterprise Oversight shall transfer to the Agency. 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. 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. 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. 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. 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. 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. 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). 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. All regulations, orders, determinations, and resolutions described under subsection (b) shall remain in effect according to the terms of such regulations, orders, determinations, and resolutions, and shall be enforceable by or against the Director until modified, terminated, set aside, or superseded in accordance with applicable law by the Director, any court of competent jurisdiction, or operation of law. the Board; or a court of competent jurisdiction, and relates to functions transferred by this Act [see Tables for classification]; and is in effect on the effective date of the abolishment under section 1311(a). Each employee of the Board shall be transferred to the Agency for employment, not later than the effective date of the abolishment under section 1311(a), and such transfer shall be deemed a transfer of function for purposes of section 3503 of title 5 , United States Code. Each employee transferred under subsection (a) shall be guaranteed a position with the same status, tenure, grade, and pay as that held on the day immediately preceding the transfer. An employee holding a permanent position on the day immediately preceding the transfer may not be involuntarily separated or reduced in grade or compensation during the 12-month period beginning on the date of transfer, except for cause, or, if the employee is a temporary employee, separated in accordance with the terms of the appointment of the employee. 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 paragraph (2). The Director may decline a transfer of authority under paragraph (1), 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 the Director determines, after the end of the 1-year period beginning on the effective date of the abolishment under section 1311(a), 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. the employee does not elect to give up the benefit or membership in the program; and the benefit or program is continued by the Director. The difference in the costs between the benefits which would have been provided by the Board and those provided by this section shall be paid by the Director. If any employee elects to give up membership in a health insurance program or the health insurance program is not continued by the Director, 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. “Upon the effective date of the abolishment under section 1311(a), all property of the Board shall transfer to the Agency.” the term ‘Agency’ means the Federal Housing Finance Agency; the term ‘Director’ means the Director of the Agency; and the terms ‘enterprise’, ‘regulated entity’, and ‘authorizing statutes’ have the same meanings as in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 [ 12 U.S.C. 4502 ], as amended by this Act.”